Capital One Completes $9B Acquisition of GE Capital’s Healthcare Financial Services Lending Business

by Jeff Shaw

MCLEAN, Va. — Capital One Financial Corp. (NYSE: COF) has completed its acquisition of General Electric Capital Corp.’s Healthcare Financial Services lending business, which was first announced in August.

Capital One will combine the GE acquisition with its existing healthcare banking business to form Capital One Healthcare, a financial services provider with over $11 billion in total outstanding balances. The new organization will provide financing to companies in healthcare services, hospitals, seniors housing, medical offices, pharmaceuticals, medical devices and healthcare IT.

Darren Alcus, former president of GE Capital, Healthcare Financial Services, was named president of the new entity, and will report to Michael Slocum, president of Capital One’s Commercial Bank.

According to the initial terms announced in August, the total acquisition cost $9 billion. This included $8.5 billion in loan acquisitions, in addition to $500 million for the company itself.

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