EverBank Financial Corp to acquire Business Property Lending, Inc. from GE Capital Real Estate
EverBank Financial Corp (NYSE: EVER) (the “Company”) and General Electric (NYSE: GE) Capital Corporation announced today that they have executed a definitive agreement under which EverBank, a subsidiary of the Company, will acquire Business Property Lending (“Business Property”), a business unit of GE Capital Real Estate, North America.
Business Property originates and services commercial real estate loans for essential use properties owned or leased by small and midsize businesses nationwide.
Under the terms of the agreement, EverBank will acquire the stock of Business Property Lending, Inc., which at the closing of the transaction will hold the origination and servicing platform for Business Property, for a purchase price of $2.51 billion in cash. No debt will be assumed in the acquisition. The transaction includes approximately $2.44 billion of performing commercial loans, the origination and servicing platforms, 108 employees and servicing rights on $3.1 billion of loans securitized by GE Capital. The transaction is expected to close in the fourth quarter of 2012, subject to regulatory approval and customary closing conditions.
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