Wells Fargo buys $730M in receivables from GE

DES MOINES, Iowa—Wells Fargo & Co. said Monday it has bought about $730 million in loan and lease receivables from GE Healthcare Financial Services - Equipment Finance, a unit of General Electric Co.'s GE Capital.

Wells Fargo said the acquired receivables -- from the business formerly known as HPSC Inc. -- are primarily related to the financing of dental and eye care practices and equipment. No facilities or employees were part of the transaction.

The San Francisco-based financial services company said the purchase, which closed Dec. 31, lets it expand in dental and eye care segment.

Financial terms of the transaction were not disclosed.