GM to buy AmeriCredit Corp. for $3.5 billion

General Motors Co. is getting back into the credit business, a move that will give its dealers more options to lease and finance car sales.

GM said Thursday that it would purchase AmeriCredit Corp. in an all-cash transaction valued at approximately $3.5 billion, or about $24.50 a share.

The acquisition gives GM what's known as a "captive finance unit" or lending division that allows it more flexibility to offer lease and finance deals. It would fill the role once played by GMAC; the automaker sold all but a minority interest of that company in 2006.

Read Full Article from Los Angeles Times

- Posted: 2010-07-22 13:58:15

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