CIT Group Inc. said Monday that it agreed to acquire Newcourt Credit Group Inc. in a $4.2 billion stock transaction that would make CIT the world's largest publicly traded commercial finance company.

The deal would nearly double CIT's assets, to $50 billion, making the Livingston, N.J., firm the fourth-largest finance company, behind GE Capital Corp., Associates First Capital Corp., and Household International Inc.

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