GE Healthcare Financial Services has agreed to buy HPSC, Boston, for $72.4 million, establishing a foothold in medical and dental practice financing. The all-stock deal, subject to federal antitrust and HPSC shareholder approvals, is expected to close in January 2004. Jim Ambrose, general manager of equipment finance at GE Healthcare Financial Services, said HPSC's sales force will market various GE financial products to practices including real estate financing, malpractice insurance, personal lines of credit, revolving credit facilities and retirement plans. With about $1 billion in managed assets, HPSC provides equipment and practice acquisition financing to approximately 25,000 dental and medical practices. GE Healthcare Financial Services, based in Chicago, has $10 billion in managed assets. -- by Mary Chris Jaklevic
GE to add physician practice financing firm
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