Household International said last week it will buy Transamerica Financial Services, the L.A.-based consumer finance wing of Transamerica Corp.
Household will pay $1.1 billion for the company.
Household executives said they will combine Transamerica's 420 offices with the 550 branches of daughter company Household Finance Corp., the nation's second largest home finance organization.
Household will close branches and lay off some employees, company executives said, but added that much of the anticipated cost savings from the deal would be derived from reducing corporate overhead and technology duplication.
Transamerica Financial and Home Finance branches overlap in 44 states.
Transamerica Financial employs 392 people at the downtown Transamerica Center, which also houses Transamerica Corp.'s life insurance subsidiary. Company-wide, Transamerica Financial employs 2,300 people.
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