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. Last Updated: 07/27/2016

CIT to Buy Newcourt

LIVINGSTON, New Jersey -- CIT Group Inc. said it will buy Toronto-based Newcourt Credit Group Inc. for $4.2 billion in stock, creating one of the largest publicly owned nonbank lenders.

CIT, based in Livingston, said Monday that it will swap 0.92 of its shares for each Newcourt share to form a company that will manage $50 billion in assets, including loans to finance consumer purchases of vehicles and houses and business purchases of equipment.

The companies, whose combined annual revenues should be about $2.2 billion, expect to save $150 million in 2000, the first full year of combined operations following the expected closing of the merger in the 1999 third quarter.