Wachovia(WB Quote) strengthened its hand in the auto finance business Monday, reaching a deal to acquire Westcorp(WES Quote) and its publicly traded WFS Financial(WFSI Quote) unit for about $4 billion.
Wachovia will exchange stock worth $3.42 billion, or about $64.23 a share, for Westcorp, and will exchange $490 million, or $73.86 a share, for the 16% of WFS that is in public hands. In Monday trading, Westcorp closed at $61.35 on Friday while WFS closed at $64.92.
Wachovia sees the transaction doubling its portfolio of lending and other services for auto dealerships, making it the ninth largest auto loan originator. Wachovia will add about 8,500 automobile dealer clients, about 920,000 individual customers and 19 retail banking offices in Southern California. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
Connect with TheStreet