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GM Buys AmeriCredit For $3.5 Billion

|Includes: ACF, General Motors Company (GM)

his morning's big shocker: GM just bought AmeriCredit for $3.5 billion.

That price means that GM bought all of AmeriCredit's stock at $24.50 per share — a 24 percent premium over Wednesday's close, according to AP.

Mike Jason, the CEO of AutoNation (NYSE:AN) said on CNBC that he would never run an auto company without access to financing options, so he's a big fan of this deal.

"The industry knows exactly what it's doing and [this deal] shows that GM knows what it's shareholders want. I'm all smiles for us and for the shareholders, who eventually have to be paid back by us and by the US government."

Through the purchase, GM is getting back a captive finance arm, after selling GMAC in 2006, so it can increase leasing and make more loans to buyers with low credit scores.

It expects the deal to close in the fourth quarter.

Disclosure: No Positions