CIT Group, New York, signed a definitive agreement to buy Healthcare Business Credit Corp., Mount Laurel, N.J., for undisclosed terms. The purchase, expected to close by the end of September, will allow CIT "to quickly build critical mass in the healthcare industry, one of our most dynamic and important franchises," Rick Wolfert, vice chairman of CIT Commercial Finance, said in a news release. Healthcare Business Credit, currently owned by the U.S. division of Japanese conglomerate Itochu Corp., has $500 million in assets and $1 billion in loan commitments. CIT Healthcare, a recently launched unit of the commercial finance division, has about $700 million in assets and $1 billion in loan commitments, a spokesman said. -- by Paul Barr
Deal to give finance firm 'critical mass' in healthcare
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