CIT Group Inc and Dell Inc announced on December 20 that Dell will purchase CITs 30 per cent interest in their US-based Dell Financial Services joint venture for US$306m
CIT Group Inc and Dell Inc announced on
December 20 that Dell will purchase CIT’s 30 per cent
interest in their US-based Dell Financial Services
joint venture for US$306m.
Leasing Life revealed last month that CIT was
planning to sell its stake (see page 6 of issue 171).
CIT said Dell is due to have exercised its option to
acquire CIT’s stake on December 31, 2007.The sale will
add a pre-tax gain of approximately US$250m to CIT’s
profit and loss statement in the fourth quarter.
CIT’s vendor finance programs for Dell’s customers in
Canada and in more than 40 other countries throughout
Europe, Asia, Latin America and the South Pacific
remain in place.
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