Electro Rent to Purchase General Electric Business

Electro Rent Corp. has agreed to pay $320 million to purchase the computer and test measurement equipment rental business from GE Capital Technology Management Services.

Electro Rent, a Van Nuys-based concern that rents and leases personal computers and electronic test equipment, said it expects the deal to close by Oct. 31. The sale is by a subsidiary of the General Electric Co.

In its latest fiscal year, Electro Rent posted net income of $24.1 million on sales of $150.5 million.