Wells Fargo 2015 Annual Report Download - page 153

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 (Guarantees,
Pledged Assets and Collateral).
During 2015, we completed an acquisition of a small
investment intermediary and purchased total assets of
$3 million. We had two acquisitions pending as of December 31,
2015. The first acquisition, which closed on January 1, 2016, was
the purchase of $4.0 billion of operating and capital leases
associated with GE Railcar Services, which included
77,000 railcars and just over 1,000 locomotives. The second
pending acquisition is the purchase of GE Capital's Commercial
Distribution Finance and Vendor Finance businesses. The
acquisition is expected to involve total assets of approximately
$31 billion, and is expected to close in two phases. The North
American portion, which represents approximately 90% of total
assets to be acquired, is expected to close late in the first quarter
of 2016. The international assets are expected to close in the
second quarter of 2016. Approximately 2,900 full-time
employees are expected to join Wells Fargo as a result of this
transaction.
During 2014, we completed one acquisition of a railcar and
locomotive leasing business with combined total assets of
$422 million. Additionally, no business combinations were
completed in 2013.
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