Dell to Complete Acquisition of Dell Financial Services
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Round Rock, Texas, December 20, 2007
Dell has exercised its option to purchase CIT's 30 percent interest in Dell Financial Services (DFS) and plans to complete the purchase by the end of calendar year 2007, making it the sole owner of the financial services company. Dell currently owns 70 percent of DFS, which provides financing solutions including loans, leases, and revolving credit for consumers, small business and commercial customers.
The purchase price will be $306 million and the acquisition is not expected to have a material impact on Dell's results of operations or cash flows since it has included DFS in its consolidated financial statements since the third quarter of Fiscal Year 2004.
Completing the integration furthers Dell's strategy to extend to customers a full range of financial and leasing services. Through DFS, Dell customers have direct and flexible ways to purchase, lease and responsibly retire Dell technology.
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