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Banking, finance, and taxes

GE Sells Corporate Payment Services Unit to American Express (GE, AXP)

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By Douglas A. McIntyre Published
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American Express Co. (NYSE: AXP) and GE Money, part of General Electric (NYSE: GE), have announced that American Express will purchase Corporate Payment Services, GE’s commercial card and corporate purchasing business unit. 

This unit processes corporate credit cards for more than 300 large clients, and GE itself will continue on a multi-year basis to be the units single largest client.  The Corporate Payment Services unit generated over $14 Billion in 2007 total purchase volume around the globe and it maintained some $1.1 billion in receivables at year-end 2007, while billed business has seen a compounded annual growth rate of 18% over the last five year period.

The sale is listed as being $1.1 Billion in cash, so while it is alarge deal it is a drop in the bucket for these two DJIA components.The sale is also expected to be completed by the end of the month.

Jon C. Ogg
March 27, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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