Wells Fargo & Company announced that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans. The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members.

“The completion of this transaction strengthens our capabilities and deepens our customer relationships in key commercial lending markets across the U.S. and Canada,” said Tim Sloan, Wells Fargo’s president, chief operating officer and head of wholesale banking. “The businesses acquired from GE Capital are industry leaders with proven business models and capabilities. As a result of this acquisition, we are adding a set of complementary businesses, long-term customer relationships and exceptionally talented and experienced teams that position Wells Fargo as a market leader in these important product areas.”

As previously announced, the businesses acquired from GE Capital include:

Commercial Distribution Finance

GE Capital’s Commercial Distribution Finance (CDF) business is a market leader in providing customized inventory financing to fund the flow of finished durable goods from manufacturers to dealers. Through industry expertise and integrated technologies, CDF helps manufacturers and dealers across the U.S. and Canada improve cash flow, reduce risk and grow sales. CDF’s inventory finance products and deep customer relationships greatly complement and expand the existing asset-based lending product offerings in Wells Fargo’s Capital Finance division. Effective March 1, Commercial Distribution Finance will adopt the tradename Wells Fargo Commercial Distribution Finance.

Vendor Finance

GE Capital’s Vendor Finance business provides vendor and dealer financing programs for manufacturers and dealers of all sizes, and their customers, across the U.S. and Canada, from Fortune 500 companies looking to offer private label financing to independent operations looking to manage cash flow. The business drives vendor sales growth by supporting dealers with inventory financing and by providing leases and loans to commercial end-user customers. As a leading provider of technology-enabled white label captive program and channel financing solutions, GE Capital’s Vendor Finance business will significantly expand Wells Fargo’s current capabilities within its Equipment Finance business. Effective March 1, Vendor Finance will adopt the tradename Wells Fargo Vendor Financial Services.

Corporate Finance

GE Capital’s Corporate Finance business (also known as Direct Lending and Leasing) provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of the business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.