GE acquires equipment leasing business for $1.5 billion

<p>General Electric Co. has agreed to acquire an equipment leasing business from IKON Office Solutions for $1.5 billion, the companies announced Thursday.</p><p>IKON will sell selected assets to GE Vendor Financial Services, a Danbury-based unit of GE Commercial Finance that provides financing to equipment manufacturers and has $26 billion in assets.</p><p>GE and IKON also will enter into an agreement for the funding and servicing of IKONs future leases and rental contracts in the U.S. and Canada.</p><p>No job cuts are expected. Job offers will be extended to approximately 400 employees of IOS Capital, IKONs wholly-owned leasing subsidiary in the U.S. that is based in Macon, Ga., the companies said.</p><p>The transaction has been approved by both companies and is expected to close in the first quarter of 2004.</p><p>A highly respected participant in the equipment leasing market, IKON brings to GE a quality portfolio of assets, as well as a reputation for managing a responsive and efficient leasing business, said Dan Henson, president and chief executive officer of GE Vendor Financial Services.</p><p>Valley Forge, Pa.-based IKON, which had revenue of $4.7 billion in fiscal 2003, distributes copier and printing technology designed to help businesses manage document workflow and increase efficiency and provides lease financing through its subsidiaries, including IOS Capital, LLC.</p><p>___</p><p>On the Net:</p><p>www.ikon.com</p>