Two major sources of RV dealer inventory finance, GE Commercial Finance and Transamerica, plan to combine, General Electric Co. announced Tuesday (Aug. 5).
GE, which acquired Deutsche Financial Services last year, plans to buy “most of Transamerica’s commercial finance business” from Dutch insurance giant Aegon N.V. for around $5.4 billion in cash.
GE intends to buy the Transamerica units that “provide distribution financing for manufacturers and dealers of industrial, consumer and recreational products as well as leasing and commercial loan financing for a wide range of sectors.”
“We look forward to integrating into our business (Transamerica’s) strong customer relationships, experienced employees and reputation for excellence,” said Mike Neal, president and CEO of GE Commercial Finance.
Completion of the transaction is “subject to customary conditions and receipt of regulatory approvals.”