General Electric Company (GE) reported on Thursday that it had made a deal to purchase Australian company, Allianz SE.
GE reported that it will acquire loan company, Allianz, which has A$400 million, or $415 million in loans with companies that have an annual revenue of A$10 million to A$250 million.
GE’s head of commercial finance in Australia, Aaron Baxter commented, “GE Capital already has relationships with one in four mid-market companies in Australia.”
“The acquisition of the Allianz Finance business allows us to deliver on our strategy of growing our commercial finance offering to this segment.”
General Electric shares were mostly flat during Thursday morning trading. The stock has increased 16% in the past year.
The Bottom Line
Shares of General Electric Company (GE) have a 3.24% yield, based on Wednesday’s closing price of $23.46.
General Electric Company (GE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.