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.
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.
Commenting 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.