Wells Fargo 2011 Annual Report Download - page 133
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Note 2: Business Combinations
We regularly explore opportunities to acquire financial services
companies and businesses. Generally, we do not make a public
announcement about an acquisition opportunity until a
definitive agreement has been signed. For information on
additional contingent consideration related to acquisitions,
which is considered to be a guarantee, see Note 14.
Business combinations completed in 2011, 2010 and 2009
are presented below. At December 31, 2011, we had two
acquisitions pending, both of which are expected to close during
first quarter 2012 with combined total assets of approximately
$835 million.
(in millions)
Date
Assets
2011
CP Equity, LLC, Denver, Colorado
July 1
$
389
Certain assets of Foreign Currency Exchange Corp, Orlando, Florida
August 1
46
LaCrosse Holdings, LLC, Minneapolis, Minnesota
November 30
116
Other (1)
Various
37
$
588
2010
Certain assets of GMAC Commercial Finance, LLC, New York, New York
April 30
$
430
Other (2)
Various
40
$
470
2009
Capital TempFunds, Fort Lauderdale, Florida
March 2
$
74
Other (3)
Various
39
$
113
(1) Consists of seven acquisitions of insurance brokerage businesses.
(2) Consists of five acquisitions of insurance brokerage businesses.
(3) Consists of eight acquisitions of insurance brokerage businesses.
131