Business Services Industry
Irving, Texas, Consumer Lender to Buy Providence, R.I., Financial Firm.
Knight Ridder/Tribune Business News, August, 1998 by Dworkin, Andy
Knight Ridder/Tribune Business News
Aug. 12--Irving, Texas-based Associates First Capital Corp. on Tuesday agreed to buy rival financial firm Avco Financial Services Inc. for $3.9 billion in cash, continuing a yearlong buying spree for the recently independent lender.
The acquisition, which requires approval from federal regulators, would add hundreds of U.S. retail branches to Associates, which is already the nation's biggest independent lender to consumers. Associates hopes to increase the amount of home equity loans made from Avco's branches, Associates chairman and chief executive Keith Hughes said.
The deal would also give Associates new or expanded business in a number of major foreign markets, including Canada, Japan and Australia, Hughes...
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