General Electric (GE) has announced it will sell its private equity unit for around $12 billion. The move comes as part of GE’s strategy to exit the majority of its finance businesses, worth around $500 billion. The Connecticut-based company is working to reestablish its core industrial business making equipment and specialized machinery. GE will sell its U.S. Sponsor Finance Business to the Canada Pension Plan Investment Board, with a bank loan portfolio worth $3 billion. The European sector of the business will be sold separately. Investors had been pressuring GE to sell off its finance division due to increasing federal regulations and volatile market conditions. The company is looking to complete around $100 billion worth of sales by the end of 2015. General Electric CEO Keith Sherin told investors: ‘This represents an important milestone as we continue to execute on our strategy to sell most of the assets of GE Capital.’
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
