Diversified manufacturing company Tyco International Ltd. has entered into a definitive agreement to acquire finance company CIT Group Inc., a major source of retail loans for RV purchases.
The $9.2 billion deal needs to be approved by CIT’s shareholders, but Japan’s Dai-Ichi Kangyo Bank, which owns 27% of CIT, approves of the proposed transaction.
The combination, which would occur as a tax-free stock-swap, also needs to be approved by government regulators.
Tyco makes a variety of electrical and electronic components, fire protection systems, flow control valves and undersea telecommunications systems.
CIT left the RV dealer inventory finance sector last year but it continues to be a major player in RV retail lending.