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GE Capital to acquire Heller Financial

Published on .

Stamford, Conn -- Following its failure to acquire Honeywell Inc., General Electric Co.'s financing unit on Monday said it had agreed to buy Heller Financial Inc. for $5.3 billion in cash, expanding GE's lending to mid-size companies. GE Capital, the largest non-bank financing company, will pay $53.75 a share for Chicago-based Heller, 50% more than its closing price Friday. The acquisition should bolster GE Capital's loans to businesses with annual revenue of $5 million to $250 million. For GE Capital, it's the third try to buy a finance company, having failed in its efforts to acquire CIT and Finova Group Inc. GE's attempt to buy Honeywell Inc. for $43 billion was blocked by European regulators earlier this month.
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