GE to Sell European Sponsor Finance Unit for $2.2B
July 01, 2015
General Electric (NYSE: GE) has agreed to sell its European Sponsor Finance Business for approximately $2.2 billion to the Europe-focused subsidiary of Sumitomo Mitsui Banking Corporation. The sale serves as another step in GE's strategy to divest the majority of the assets of GE Capital. Concurrent with the deal, GE Capital will retain its $1 billion investment in the European Senior Secured Loan Program and European Loan Program, both joint ventures between affiliates of GE and Ares Capital. The transaction is expected to close in 3Q.