Wells Fargo completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4 billion of assets, including approximately $24 billion of loans.

The remaining international segment of the transaction is expected to close later this year. The total acquisition includes assets of approximately $31 billion as well as businesses employing approximately 2,800 team members.

“The completion of this transaction strengthens our capabilities and deepens our customer relationships in key commercial lending markets across the U.S. and Canada,” said Tim Sloan, Wells Fargo’s president, chief operating officer and head of wholesale banking. “The businesses acquired from GE Capital are industry leaders with proven business models and capabilities. As a result of this acquisition, we are adding a set of complementary businesses, long-term customer relationships and exceptionally talented and experienced teams that position Wells Fargo as a market leader in these important product areas.”

As previously announced, the businesses acquired from GE Capital include Commercial Distribution Finance, which provides inventory financing, Vendor Finance and parts of GE Capital’s Corporate Finance business, also known as Direct Lending and Leasing, which provides senior secured asset-based loans as well as equipment leases and loans to middle-market customers. Wells Fargo purchased a portion of the business, which is being integrated into its existing Capital Finance and Equipment Finance businesses.