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AT&T CAPITAL SUBSIDIARY SIGNS ACQUISITION AGREEMENT

 AT&T CAPITAL SUBSIDIARY SIGNS ACQUISITION AGREEMENT
 TORONTO, Nov. 25 /PRNewswire/ -- AT&T Capital Corporation's Canadian


subsidiary announced today that it has signed a definitive agreement to acquire most of the infrastructure assets of Toronto-based First City Trust Company's Equipment Finance Group. The Equipment Finance Group (EFG) is an operating division of First City Trust Company, a major Canadian trust company.
 The details of the agreement were not disclosed. The closing of the transaction is subject to certain regulatory and other approvals in Canada. The transaction is expected to close by the end of the year.
 AT&T Capital Canada, Inc., a wholly owned subsidiary of AT&T Capital Corporation, said it will acquire operating assets consisting primarily of business equipment and systems. Additionally, AT&T Capital Canada, Inc. anticipates retaining a majority of EFG's employees.
 Under the terms of the agreement, the company will also provide First City Trust Company with administrative services related to the existing EFG lease portfolio. It is anticipated that most of the current management team of EFG will continue with AT&T Capital Canada, Inc.
 EFG is a leasing group that has a 20 percent share of the non-tax leasing market in Canada. EFG has become a market leader in the leasing industry and is currently the second largest independent leasing operation in Canada. EFG's portfolio includes office and computer equipment in both the small and middle ticket equipment-leasing markets. EFG serves these markets with a network of branches across Canada.
 The acquisition of EFG's infrastructure assets would significantly strengthen AT&T Capital Corporation's participation in the Canadian leasing industry. AT&T Capital Corporation has had a direct branch presence in Canada since 1988 to support AT&T sales of voice and data products.
 "This purchase will allow AT&T Capital Canada, Inc. to support current and future AT&T Canadian equipment sales strategies, including those of NCR Corporation, by providing local expertise, market intelligence and customer relationships on which AT&T business units can build," said Thomas C. Wajnert, president and chief executive officer of AT&T Capital Corporation.
 Alan R. Hibben, president of First City Trust Company, said: "Following our decision earlier this year to sell the equipment-leasing operations, we set out to find a buyer who would be a strong sponsor for both the operation and our existing leasing employees. AT&T obviously meets these criteria."
 AT&T Capital Corporation, headquartered in Morristown, N.J., provides leasing and financing services for an array of products. The company was established in 1985 to provide financing for AT&T products and services.
 Today, with more than $5 billion in assets, 500,000 customer accounts and 2,000 employees, AT&T Capital Corporation is one of the largest equipment-leasing and finance companies in the United States. It provides financing for both AT&T and non-AT&T products, including transportation, office, computer and manufacturing equipment.
 -0- 11/25/91
 /CONTACT: Patty Mullane of AT&T Capital, 201-397-8724, or home, 908-273-0357; or Eric Evans of First City Trust, 416-947-7441/ CO: AT&T Capital Corporation; First City Trust Company ST: Ontario, New Jersey IN: FIN SU: TNM


GK-FC -- NY014 -- 6712 11/25/91 09:39 EST
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Publication:PR Newswire
Date:Nov 25, 1991
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