GM set to buy finance company
By Kevin Krolicki |
July 23, 2010, Friday
|
Print Edition
Print Edition
GENERAL Motors Co said yesterday it was to acquire auto finance company AmeriCredit Corp for US$3.5 billion in a deal aimed at easing financing terms for subprime car shoppers.
The deal, which remains subject to approval by AmeriCredit's shareholders, would give GM a captive finance arm for the first time since it sold off a controlling stake in GMAC in 2006.
GM dealers have complained that tighter financing terms have cost them sales in a United States auto market that has failed to deliver the strong recovery many had anticipated this year.
GM, which was restructured by the US government in bankruptcy, is said to be preparing for an initial public offering later this year.
Addressing its lack of a captive finance company removes an uncertainty for GM as it prepares for a stock offering intended to reduce the US government's nearly 61 percent ownership stake.
Under terms of the deal, GM would pay AmeriCredit shareholders US$24.50 for each of their shares.
The deal, which remains subject to approval by AmeriCredit's shareholders, would give GM a captive finance arm for the first time since it sold off a controlling stake in GMAC in 2006.
GM dealers have complained that tighter financing terms have cost them sales in a United States auto market that has failed to deliver the strong recovery many had anticipated this year.
GM, which was restructured by the US government in bankruptcy, is said to be preparing for an initial public offering later this year.
Addressing its lack of a captive finance company removes an uncertainty for GM as it prepares for a stock offering intended to reduce the US government's nearly 61 percent ownership stake.
Under terms of the deal, GM would pay AmeriCredit shareholders US$24.50 for each of their shares.
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