GE cleared to buy finance firm

Paula Rebstock

The Commerce Commission has given the green light for GE Finance and Insurance to buy Pacific Retail Finance.

Chairwoman Paula Rebstock said the commission was satisfied the proposed acquisition was not likely to substantially lessen competition.

Pacific Retail Group agreed to sell Pacific Retail Finance to GE in November for $145 million.

Pacific Retail Group said at the time that it would book a $75 million profit from the sale and would use proceeds to retire parent company debt.

- NZPA