A Tucson Electric unit bought 22.4% of Foothill.
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Foothill Group, a Los Angeles-based commercial finance company, said the acquisition of its stock by Santa Cruz Resources will bolster Foothill’s capital base and help it to increase assets. About 15.4% of that stake was new stock sold by Foothill for $9.6 million. Santa Cruz, a unit of Tucson Electric Power, said it bought the stock for investment purposes and may buy more.
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