General Electric to sell GE Capital business

Fri, 17 Apr 2015 | BUSINESS SALE

GE Capital, a specialist corporate finance group, is up for sale by its parent company General Electric.

General Electric has announced that the company decided upon a sale in order to allow the broader business to “focus on continued investment and growth in its industrial businesses”.

As a result, GE Capital is on the market. Included in the sale will be the company's commercial lending and leasing businesses, as well as healthcare and energy finance and investment divisions and assets.

A statement from GE Capital announced the business for sale. The firm went on to state: “Here in the UK, GE Capital is open for business. We remain fully committed to our customers and are focused on delivering for each and every one.

“We anticipate being able to sell our businesses to buyers who are fully committed to and invested in the financial services industry and can offer a good environment for growth.”

The first stage of the sale will involve the sale of the bulk of GE Capital Real Estate assets. It is thought that these assets have a collective value of some $26.5 billion (£17.6 billion). As yet it is unclear how these assets will be divided for sale.

Jeff Immelt, General Electric's chairman and CEO, noted in a statement that the company expects strong returns, adding that this is “a good time to move” on the sale in the wake of other recent business exists and IPOs which have “bolstered” General Electric's confidence that GE Capital will be more valuable under new ownership.

“The market is strong for the businesses we will sell, and I am confident they will thrive elsewhere,” he remarked.

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