Dell, the computer giant, will acquire the
Dell-related assets, sales and servicing functions in Europe of its
financing partner, CIT Vendor Finance.
The European transaction is subject to
additional regulatory requirements and is expected to close in
2012.
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In a separate deal, Dell said it intends to
acquire Dell Financial Services (DFS) Canada, which is a
partnership between CIT Vendor Finance and Dell. The Canadian
transaction is expected to close in mid-2011.
CIT Vendor Finance operates on behalf of DFS
in more than 25 countries and will continue to support Dell for the
transition period in Europe.
Don Berman, president of Dell Financial
Services, said Dell has a long-term strategic vision to expand its
global captive financing footprint over time into regions where it
makes sense.
“These acquisitions should help us achieve
this vision,” said Berman.
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By GlobalDataCommenting on the developments, Ron Arrington, global president of
CIT Vendor Finance, said: “We are pleased to support Dell as it
grows its captive finance strategy to Europe and Canada.”
Arrington added: “We look forward to our
continued strong relationship with Dell in other countries around
the world, as well as to the growth opportunities for CIT Vendor
Finance globally.”
The financial terms of both transactions were
not disclosed.
nick.huber@vrlfinancialnews.com
