CAPITAL ONE FINANCIAL CORP acquired GE Capital Healthcare Financial Services (loan portfolio) for ~$8.5 billion of healthcare-related loans acquired for a 6% premium to par value (as of Jun 30, 2015), a transaction completed in December 2015, structured as all cash. The deal was a Carve-out.
GE Capital Healthcare Financial Services (loan portfolio) operates in Commercial / healthcare lending, is based in United States. Capital One agreed to acquire approximately $8.5 billion of healthcare-related loans and General Electric Capital Corporation's Healthcare Financial Services business, one of the leading capital providers in the U.S. healthcare market, at a 6% premium to par value of the receivables. The unit provided customized financing to healthcare services, seniors housing, hospitals, medical offices, pharmaceutical and medical-device companies. Combined with Capital One's existing healthcare banking, it formed Capital One Healthcare with over $11 billion in total outstanding balances.
Adds in-depth healthcare-industry expertise, expanding Capital One's capabilities and creating a market-leading platform capable of delivering a complete set of banking solutions in the sector.
An established, specialist healthcare-lending platform and team available as GE Capital wound down its lending arm. Creates Capital One Healthcare with $11B+ balances; adds industry expertise and origination capability. Darren Alcus, President of GE Capital Healthcare Financial Services, became President of Capital One's healthcare finance business.
Advisory firms were not disclosed for this transaction.