G.E. to Sell Buyout Financing Business for $12 Billion
ByGeneral Electric said on Tuesday that it had agreed to sell the bulk of a division that finances leveraged buyouts to the Canada Pension Plan Investment Board in a $12 billion deal.
The Canadian pension fund would acquire G.E.’s private equity lending unit in the United States, which is primarily made up of Antares Capital, as well as a $3 billion bank loan portfolio. News of the potential sale emerged this week.
The sale represents the latest move in G.E.’s effort to retreat from banking and refocus on its industrial roots. G.E. said on Tuesday that it believed market conditions were favorable to pursue sales of a variety of its GE Capital finance arm assets over the next 18 months. In April, the conglomerate said that it planned to sell the bulk of GE Capital within two years…
G.E. to Sell Buyout Financing Business for $12 Billion
