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GE Acquisitions
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Business New Haven
11/17/1997
By: Russell Stone
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FAIRFIELD - General Electric (NYSE: GE) continues on its path to growth through acquisitions. Through its Australian branch, GE Capital Services recently reached an agreement to buy the Housing Loans Insurance Corp. from the Australian government. Terms were not disclosed. The HLIC is Australia's largest provider of mortgage insurance, and while the Australian government will retain ownership of HLIC's insurance book, GE Capital will manage it. GE Capital already insures over $165 billion in mortgage loans worldwide.
Another GE Capital subsidiary, IT Solutions, bought out TransNet Corp., a computer network sales and support company with annual revenues of $80 million, for $20.5 million in cash. The deal's completion will depend on shareholder approval. In Denmark, IT Solutions also bought Nicom, a Danish provider of computing services with $43 million in annual sales.
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