GE [NYSE:GE] has completed the previously announced sale of its European
Sponsor Finance business, representing aggregate ending net investment
(ENI) of approximately US$2.1 billion, to Sumitomo Mitsui Banking
Corporation Europe (SMBCE). GE has also closed the sale of a US$3.7
billion portfolio of loans from its UK home lending business to
Kensington Mortgage Company Limited, a company controlled by Blackstone
Tactical Opportunities and TPG Special Situation Partners. In addition,
year-to-date, GE has closed about US$30 billion in previously announced
GE Capital Real Estate sales.
“We are pleased to complete the sale of the European Sponsor Finance
business to SMBCE. In addition, with the closing of our third loan
portfolio sale this year, we have reduced the size of our UK home
lending business by nearly 50 percent to less than US$7 billion,” said
Keith Sherin, GE Capital chairman and CEO. “These closings represent
important milestones as we continue to execute on our plan to sell most
of the assets of GE Capital,” added Sherin.
As previously announced, GE is embarking on a strategy to create a
simpler, more valuable company by reducing the size of its financial
businesses through the sale of most GE Capital assets and by focusing on
continued investment and growth in its world-class industrial
businesses. GE and its Board of Directors have determined that current
market conditions are favorable to pursue these dispositions. GE will
retain the financing businesses that relate directly to GE’s industrial
businesses.
With the addition of the UK home lending portfolio, the total for GE
Capital 2015 announced sales is approximately US$90 billion.
“We are pleased with the progress we are making to reach and close
agreements for our businesses and assets. The speed and value we have
achieved is a testament to the hard work of our GE Capital teams around
the world,” concluded Sherin.
About GE
GE (NYSE:GE) imagines things others don’t, builds things others can’t
and delivers outcomes that make the world work better. GE brings
together the physical and digital worlds in ways no other company can.
In its labs and factories and on the ground with customers, GE is
inventing the next industrial era to move, power, build and cure the
world. www.ge.com.
GE’s Investor Relations website at www.ge.com/investor
and our corporate blog at www.gereports.com,
as well as GE’s Facebook page and Twitter accounts, including
@GE_Reports, contain a significant amount of information about GE,
including financial and other information for investors. GE encourages
investors to visit these websites from time to time, as information is
updated and new information is posted.
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forward-looking statements often address our expected future business
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Financial split-off as planned; our capital allocation plans, as such
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integrating acquired businesses and operating joint ventures; the impact
of potential information technology or data security breaches; and the
other factors that are described in "Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31, 2014. These or other
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements. We do
not undertake to update our forward-looking statements.
This document includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual
results could differ materially.
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