DANBURY, Conn. — GE Capital announced Friday that it has agreed to buy Franchise Finance Corp. of America, a Scottsdale, Ariz., real estate investment trust, for $2.1 billion.

Common shareholders of Franchise Finance are to receive $25 in cash for each share held. The deal values Franchise Finance’s shares at about $1.4 billion and includes the assumption of liabilities.

Franchise Finance is a 20-year-old single-tenant retail property finance company that provides financing to multi-unit operators of chain restaurants, convenience stores, and automotive services and parts outlets. Its clients include Applebee’s, Arby’s, Burger King, and Chevron.

The deal has been approved by both companies’ boards but is subject to approval by Franchise Finance shareholders. Franchise Finance is to be a division of GE Capital Commercial Equipment Financing. No expected closing date was given.

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