GE Completes Sale of Commercial Lending and Leasing Assets in Australia and New Zealand to Bain Capital Credit
May 03 2016 - 12:12AM
Business Wire
GE (NYSE:GE) has completed the previously announced agreement to
sell GE Capital’s Commercial Lending and Leasing portfolios in
Australia and New Zealand (A&NZ) to Bain Capital Credit,
advised and partially financed by Deutsche Bank. The transaction
includes about US$1.2/A$1.6 billion in ending net investment (ENI).
Terms of the transaction were not disclosed.
“We continue to make very good progress in reducing the size of
GE Capital,” said Keith Sherin, GE Capital chairman and CEO.
As previously announced, GE is focusing on its high-value
industrial businesses and is selling most GE Capital assets. GE
will retain the financing verticals that relate directly to GE’s
industrial businesses. Since announcing this strategic change, GE
Capital has signed agreements for approximately $166 billion of the
$200 billion in ending net investment (ENI) that it plans to sell.
The total closed transactions to date are now approximately $150
billion in ENI.
Today’s transaction will contribute approximately US$0.1 billion
of capital to the overall target of approximately US$35 billion of
dividends expected to be paid to GE under the disposition plan
(subject to regulatory approval).
About GE
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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
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websites from time to time, as information is updated and new
information is posted.
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statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
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see www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as
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