GE Commercial Finance Completes Acquisition of IKON Canadian Leasing
Press release from the issuing company
STAMFORD, Conn.--June 30, 2004-- GE Commercial Finance ("GE") today announced the completion of its acquisition of IKON Office Solutions, Inc.'s Canadian leasing business. The acquisition was announced on March 31, 2004. As part of the acquisition, and subject to certain post-closing adjustments, IKON will sell certain assets, and GE will assume certain obligations, relating to IKON's leasing operations in Canada for approximately CDN$215 million in gross proceeds. IKON has also entered into a Program Agreement with GE Commercial Finance for the funding and servicing of IKON's lease originations in Canada.
Earlier this year, GE Commercial Finance completed its acquisition of certain assets and liabilities from IKON Office Solutions, including a $1.9 billion U.S. leasing portfolio. It will operate IKON's lease financing programs in the U.S. and Canada under the name IKON Financial Services(SM).
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