Wells Fargo & Co. said Thursday it would acquire CIT Group Inc.'s $2.4 billion-asset U.S. construction lending unit.
The deal is expected to be close at the end of the month. The price was not disclosed.
The 69-year-old CIT Construction is based in Tempe, Ariz., and employs 235 people. It provides commercial financing to contractors who build and repair infrastructure, as well as to equipment dealers that sell and rent construction equipment throughout the United States.
The unit would operate as a division of Wells Fargo Equipment Finance Inc.
