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  6. Associates First Capital Acquires Avco Financial Services

M&A Deal Summary

Associates First Capital Acquires Avco Financial Services

On January 4, 1999, Associates First Capital acquired financial services company Avco Financial Services from Textron for 3.9B USD

Acquisition Highlights
  • This is Associates First Capital’s 1st transaction in the Financial Services sector.
  • This is Associates First Capital’s largest (disclosed) transaction.
  • This is Associates First Capital’s 1st transaction in the United States.
  • This is Associates First Capital’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 1999-01-04
Target Avco Financial Services
Sector Financial Services
Buyer(s) Associates First Capital
Sellers(s) Textron
Deal Type Divestiture
Deal Value 3.9B USD

Target

Avco Financial Services

Providence, Rhode Island, United States
Avco Financial Services, Inc. is a provider of financial services to consumers and businesses. Avco Financial Services, Inc. is based in Providence, Rhode Island.

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Buyer(S) 1

Buyer

Associates First Capital

Irving, Texas, United States
Category Company
Founded 1918
Sector Financial Services
DESCRIPTION

Associates First Capital Corp. a diversified financial services organization providing finance, leasing, insurance and related services to individual consumers and businesses in the US and internationally.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 1 of 1
Year (1999) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Textron

Providence, Rhode Island, United States
Category Company
Founded 1923
Sector Diversified
Employees34,000
Revenue 13.7B USD (2024)
DESCRIPTION
Textron's corporate headquarters in downtown Providence, Rhode Island.
Textron's corporate headquarters in downtown Providence, Rhode Island.

Textron is a multi-industry company that leverages a global network of aircraft, defense, industrial and finance businesses to provide customers with products and services around the world. Textron was founded in 1923 and is based in Providence, Rhode Island.

DEAL STATS #
Overall 4 of 16
Sector (Financial Services) 1 of 1
Type (Divestiture) 4 of 15
State (Rhode Island) 1 of 4
Country (United States) 4 of 14
Year (1999) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-10-13 DBSantasalo

Huddersfield, United Kingdom

DBSantasalo designs and manufactures industrial gears and mechanical and hydraulic transmission systems used in a wide range of applications from industrial machinery, such as conveyors, to transportation applications, such as rail traction gears. DBSantasalo also manufactures industrial pumps for the oil, gas and petrochemical industries. DBSantasalo is based in Huddersfield, United Kingdom.

Buy $326M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-04-07 LCI International - Fluid Systems Division

Charlotte, North Carolina, United States

LCI Corporation International - Fluid Systems Division is a manufacturer and assembler of gear pumps, filtration systems and accessory equipment for the polymer, extrusion and industrial pump industry.

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