Reuters: Private Equity: UPDATE 1-EverBank to buy GE Capital unit for $2.51 bln

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UPDATE 1-EverBank to buy GE Capital unit for $2.51 bln Jul 2nd 2012, 12:45 Mon Jul 2, 2012 8:45am EDT * EverBank says deal to add to EPS, ROE in near term * Deal includes about $2.44 bln in performing commercial loans * Combined co to have pro-forma assets of $16.2 billion July 2 (Reuters) - Private equity-backed EverBank Financial Corp said it would buy GE Capital's Business Property Lending Inc division for $2.51 billion to boost its ability to lend to small and mid-sized companies. EverBank, which went public in May, said the deal includes about $2.44 billion of performing commercial loans, origination and servicing platforms, and servicing rights on $3.1 billion of loans securitized by GE Capital. The deal will add to both earnings per share and return on equity in the near term, EverBank Chief Executive Robert Clements said in a statement. Jacksonville, Florida-based EverBank said it expected the deal to boost earnings per share in a low double-digit range. The combined company will have pro-forma assets of about $16.2 billion. EverBank, which counts private equity firms TPG, Sageview Partners and New Mountain Partners as investors, said the deal is expected to close in the fourth quarter. Shares of EverBank closed at $10.87 on Friday on the New York Stock Exchange. The company has a market value of $1.26 billion. Link this Share this Digg this Email Reprints

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