GE Said to Hire Banks to Start Sale on $20B Assets
JUN 4, 2015 - 7:21 am
Bloomberg reported General Electric has put virtually all of its U.S. commercial loan businesses on the market after hiring banks to unload $20 billion of assets in its healthcare, railcar and franchise finance divisions, according to people with knowledge of the matter.
According to Bloomberg, GE is working with JPMorgan Chase to sell Healthcare Financial Services, a middle-market lender with about $10 billion in assets. GE has engaged Deutsche Bank to find a buyer for the railcar lessor and Barclays Plc to sell the franchise lender, the people said. JPMorgan is overseeing all the sales as global coordinator, Bloomberg said.
With the sales process under way for almost all of the financial assets targeted for disposal, GE is accelerating its plan to unload the bulk of its GE Capital business and refocus on industrial manufacturing, Bloomberg reported. CEO Jeffrey Immelt said last month the divestiture of about $200 billion of GE Capital’s operations would be done by 2016, a year earlier than the plan announced in April.
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