Wells Fargo & Company entered into an agreement to acquire GE Capital Commercial Distribution Finance, GE Capital Vendor Finance and GE Capital Corporate Finances portfolio from General Electric Capital Corporation, Investment Arm on October 13, 2015. Wells Fargo is the winner of auction for the businesses. The deal includes the leadership, employees and platforms of GE Capital Commercial Distribution Finance (CDF) and GE Capital Vendor Finance and movement of 3000 employees. The transaction is subject to customary closing conditions and it is expected to close in the first quarter of 2016.

On March 1, 2016, Wells Fargo acquired GE Capital Commercial Distribution Finance, GE Capital Vendor Finance and GE Capital Corporate Finances portfolio, excluding GE Capital Commercial Distribution Finance business outside North America which is expected to be completed in later 2016. On July 31, 2016, Wells Fargo completed the acquisition of Australian and New Zealand segments of GE Capital's Commercial Distribution Finance business. The acquisition of Europe, Middle East and Africa (EMEA) segment is expected to close later in 2016. Wells Fargo & Company completed the purchase of the Asia segment of GE Capital's Commercial Distribution Finance on July 1, 2016. The acquisition includes CDF assets and 46 team members in markets where Wells Fargo currently operates in Asia Pacific, with the exception of Australia and New Zealand, which are expected to close later this year.

The Goldman Sachs Group, Inc. and Credit Suisse (USA), Inc. acted as financial advisors and Bill Gutowitz, Jean-Paul Bernard, Ray Gietz, Joseph Verdesca, Charan Sandhu, Kenneth Heitner, Chayim Neubort, Annemargaret Connolly, Randi Singer, Frank Nocco, Samuel Zylberberg, Steven Margolis, Michael Francies, Reena Gogna, Matthew Morton, Elliot Ganchrow, Dawn Kim, Jesse Sacks, Kevin Kitson, Debora Hoehne, Anne Catherine Podolsky, Caroline Geiger,Mary Lentowski Lauren Springer, Emilie Williams, Jennifer Britz, Shawn Kodes, Maia Pelleg, Eric Remijan, Scott Fryman, Elisabeth Sperle and Steven Margolis of Weil Gotshal & Manges LLP along with Waajid Siddiqui, Nathan D. Sawyer, Doreen Lilienfeld, Michael B. Shulman, Jason Y. Pratt, Taptesh Kaur Matharu, Matthew Paul Wochok, Joshua Steinberger, Edward Joseph Boehme, Edward Richard Mullen and Zachary B. Shub-Essig of Shawna Burhans, Douglas P. Barter, Robert Alan Britton, Sean W. Finley III, Richard Charles Fischetti, Laura S. Friedrich, Ethan D. Harris, Andreas Piepers, Nathan D. Sawyer, Sean J. Skiffington and William Yaro of Shearman & Sterling LLP acted as legal advisors for General Electric. Wells Fargo Securities, LLC acted as financial advisor and Amin, Ravi, An, Lisa M., Assmus, Richard M., Ball-Dodd, Catherine, Bruce, Miriam, Chandler, Paul A., Chubb, Christopher M., Clark, John, Compton, Mark, Daneshmand, Salma, Douglas, Dana S., Eisner, Rebecca S., Ferrara, Gina M., Flax, Nina L., Garden, Steven D., Gibson, Jr., Aubrey, Goldsmith, Alexander, Goodlett, Martin W., Goury, Régine, Hable, Joseph J., Hackendahl, Jennifer M., Hamilton, Lawrence R., Harline, McKay S., Harrison, David, Hill, James, Hoffman, Debra B., Huynh, Thomas O., Jonsson, Kayne, Kalé, Warsha, Kane, Maritoni D., Kang, Hyun Sook (Hilary), Klesy, Vanessa Isabell, La Vigne, Joshua J., Martin, Stefan, Maurer, Marco, McCoy, Meytal, Morlock, Lee, Newhouse, Brian E., Nicholas, Joanna C., Noreuil, Andrew J., Nunez, Regan A., ODonnell, Ger Patrick, Pannell, Andrew W./Sing, Paul, Megan, Pennell, Joseph M., Perlman, Scott P., Polidoro, Zachary A., Ramachandran, Jeyshree, Raymond, Elizabeth A., Righi, Alexander M., Robertson, Nicholas, Saye, David B.H., Smith, Ryan V., Steel, Jr., Adrian L., Stuart, Chardon D., Swanson, Kitty, Taft, Jeffrey P., Tran, Hong T., Vasconcellos, Stephanie B., Woods, Katherine, Wyatt, Michelle and Zeppenfeld, Guido of Mayer Brown LLP acted as legal advisors for Wells Fargo. Erik Belenky and Frank Layson of Jones Day acted as legal advisors for GE Capital. JPMorgan Chase acted as financial advisor for General Electric. Michelle Siekierka, Andrew Maynes and Llon Riley of Kings & Wood Maleesons acted as legal advisor to GE. Baker & Mckenzie acted as legal advisor to Wells Fargo.