Mitsubishi UFJ Lease & Finance, a financial services company, agreed to acquire Hitachi Capital, a provider of a diverse range of leasing and financial solutions, for $2.79bn. "In order to achieve sustainable growth and enhance corporate value in such uncertain times, we consider it is absolutely essential, first of all, to strengthen our management base and, further, to make our scale even larger and more solid, and to create services and businesses that meet the needs of the new era by consolidating a variety of knowledge and information, as well as to proactively invest in R&D, M&As and other activities for such purposes. This business integration is the result of a series of deliberate discussions with Mitsubishi UFJ Lease & Finance Company Limited, whereby both companies reached an agreement on the recognition of the current situation and solutions for those business challenges," Seiji Kawabe, Hitachi Capital President & CEO.