GE Capital said 2012 financing of projects in telecommunications, media and technology rose nearly 9 percent to $3.7 billion because of increased merger and acquisition activity. The company said it expected to increase financing this year, without giving a target.
The Norwalk, Conn.-based unit of General Electric Co. said it financed 58 deals last year, compared with only 38 deals valued at $3.4 billion in 2011. Peter Foley, senior managing director, said GE Capital also helped customers tap GE’s overall industrial expertise.
Among the largest deals of the year was providing a $140 million credit facility for JAB Wireless, of Englewood, Colo., which provides fixed wireless high-speed Internet and voice-over-Internet-protocol services. The company first tapped GE Capital in 2010. CFO Jack Koo said the financing enabled the company to more than double its customer base.
Another large deal was the $131 million refinancing of Hoak Media Corp. of Dallas, which owns TV stations in 13 smaller markets in Nebraska, Colorado, Texas, the Dakotas, Louisiana and Florida.
GE Capital reported fourth-quarter net income rose 9 percent to $1.8 billion, as revenue rose 2 percent to $11.77 billion. Overall, GE, based in Fairfield, Conn., reported fourth-quarter net income rose 9 percent to $4.15 billion, or 38 cents a share, from $3.81 billion, or 35 cents, a year earlier, as revenue rose 4 percent to $39.3 billion.
Continue Reading Below
Shares of GE fell 24 cents to $23.15 in late Monday trading.