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Telecommunications equipment industry

Newcourt Financial and Lucent Technologies Extend Multi-Billion Dollar Vendor Finance Program

Strategic Insights

— 1 min read

Newcourt Financial, a commercial finance business of Newcourt Credit Group, and Lucent Technologies have announced a one-year extension to their multi-billion dollar vendor finance program. The program, originally established in 1998, provides leasing services to Lucent's business customers worldwide. Under the extended agreement, Newcourt will continue to serve as the global manager of Lucent Technologies Product Finance.

Key Takeaways:

  • The vendor finance program between Newcourt Financial and Lucent Technologies has been extended for an additional year.
  • The program, which was originally signed in 1998, provides leasing services to Lucent's business customers worldwide.
  • Newcourt Financial has provided over $1 billion in financing to Lucent customers in the first year of operations.
  • The program serves Lucent directly or indirectly in each country where they do business.
  • The extension of the agreement is a testament to the success of the program, with Lucent expressing confidence in Newcourt's abilities to meet their customers' financing needs.
  • Newcourt and Lucent's partnership has exceeded expectations, achieving aggressive financial targets and meeting customer financing needs.
  • The extension is seen as a strong vote of confidence for Newcourt, which will increase its size and strength, and will look to increase its relationship with Lucent under the CIT banner.
  • Newcourt Credit Group is one of the world's leading sources of asset-based financing, serving the corporate and commercial markets with a global capability in 26 countries.

Statistics:

  • Over $1 billion in financing provided to Lucent customers in the first year of operations.
  • Program serves Lucent directly or indirectly in each country where they do business.
  • Partnership has exceeded expectations, achieving aggressive financial targets.
  • Newcourt Credit Group has a global capability in 26 countries.
  • Acquisition between Newcourt and CIT expected to close during the fourth quarter, valued at over US$50 billion in managed financial assets.

Sources:

  • "Newcourt Financial and Lucent Technologies Announce Extension of Multi-Billion Dollar Vendor Finance Program" (CNW-PRN, Oct. 28)
  • "Lucent and Newcourt Announce Agreement for Global Product Finance Program" (Lucent Technologies, 1998)
  • "CIT Group and Newcourt Announce Agreement to Combine Companies" (The CIT Group, Inc., 200[no date specified])

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