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GE Capital Solutions to buy Trustreet Properties

October 31, 2006|From Reuters

GE Capital Solutions, the leasing and financing unit of General Electric Co., said it would buy restaurant real estate investment trust Trustreet Properties Inc. for $17.05 a share in cash, or about $1.15 billion.

Trustreet said the deal was worth $3 billion including debt. The purchase price is a 36% premium to Trustreet's closing price of $12.51 on Friday.

The move will expand GE Capital Solutions' presence in the casual dining and quick-serve businesses.

Shares of Orlando, Fla.-based Trustreet rose $4.46 to $16.97 and GE's fell 1 cent to $35.20.

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