Capital One buys GE Capital’s healthcare finance unit for $8.5B
Capital One acquired healthcare-related loans and the healthcare financial service unit of General Electric Capital Corporation for $8.5 billion on Monday. GE Healthcare Financial Services provide financing solutions that help sectors of various healthcare organizations grow, including senior housing, medical devices, pharmaceuticals and more.
Darren Alcus, president of the GE financial unit, will become the president of Capital One's healthcare finance business. "We are excited to join forces with the healthcare finance professionals at Capital One – they share our vision for providing the financial solutions that this complex industry demands," said Alcus in a press release. "The healthcare sector offers tremendous potential for growth, and I am confident that together we will offer the best-in-class expertise and tailored financial products that meet the needs of healthcare businesses across the country."
Capital One Commercial Bank President Michael Slocum said this acquisition builds on what Capital One has been working toward for years. "This addition will catapult us to a leading market position in providing financial services to the healthcare sector," said Slocum in a press release. "The GE Capital, Healthcare Financial Services team shares our commitment to providing value-added advice and creative financing solutions to the healthcare industry. Together we will deliver a powerful combination of industry-leading expertise and expanded capabilities to our clients."
Megan Combs was Associate Editor of I Advance Senior Care / Long Term Living from 2013-2018.
Topics: Executive Leadership , Finance