Capital One Financial Corp. acquired HFS Group, a U.K.-based home equity loan broker for $117 million (£65 million) in an all-cash transaction. This consideration includes repayment of $47 million (£26 million) of HFS Group's debt. In the 12-month period ending March 31, 2004, HFS originated a volume of approximately 15,000 loans, with a value of approximately $630 million (£350 million).
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