General Motors Co. (GM) agreed to purchase Ally Financial Inc. (ALLY)'s international auto-finance businesses in a $4.2 billion deal that will give the carmaker an opportunity to expand outside North America.

The sale includes operations in Europe and Latin America as well as Ally's 40 percent stake in an auto-lending joint venture in China, the Detroit-based companies said yesterday in separate statements. The China business wasn't among non-U.S. assets that Ally said in May it was seeking to divest.

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