Dell Inc. will buy the 30% it does not already own of Dell Financial Services LP for $306 million in cash from CIT Group Inc., it said Thursday.

The deal ends the decade-long partnership between Dell and the New York-based financial firm to operate the business, which provides loans, leases, and revolving credit for consumers, small businesses and commercial customers.

The deal also ends CIT's largest vendor financing relationship. In 2004 the two companies had signed an agreement extending their original contract through 2010. Dell, however, had the option to purchase the stake for between $100 million and $345 million. In its most recent annual report, Dell said it expected the price to be at the upper end of that range.

The Round Rock, Texas, computer maker received $4.1 billion in revenue from the company through the third quarter of 2008, which is comparable to the $6.1 billion earned for fiscal 2007 by the unit. Dell's fiscal year falls at the end of January or early February.

Dell would not go into the specifics of the deal, but in a statement it said the acquisition will not have a material affect on its financials because it already accounts for Dell Financial Services in its quarterly reports. CIT said it expects a pretax gain of about $250 million as a result of the deal. CIT also said it will maintain the option to provide funding to Dell Financial Services through January 2010 when the original partnership agreement runs out.

The deal is scheduled to close by year's end.

Kyle Fox of Vinson & Elkins LLP represented Dell in the transaction. The company did not use a financial adviser and CIT could not be reached for comment.