General Motors Financial Co. Inc., a unit of automaker General Motors Co. (NYSE:GM), said it agreed to acquire FinanciaLinx Corp. to expand its product offerings in Canada.
Founded in 1999, Toronto-based FinanciaLinx is one of the largest independent leasing companies in Canada and provides automobile lease financing solutions to customers throughout the country.
Level 3 Communications said it agreed to acquire Global Crossing for about $1.9 billion stock deal to boost its service portfolio.
"We are excited about the opportunity to leverage FinanciaLinx's expertise in the Canadian lease market to increase financing options for GM dealers over time while maintaining FinanciaLinx's relationships with non-GM dealers," said GM Financial President and Chief Executive Officer Dan Berce.
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The transaction is expected to close on April 1. Upon closing, FinanciaLinx will operate as a subsidiary of GM Financial, reporting to Howard Cobham, GM Financial Senior Vice President - Dealer Services Canada.