FAIRFIELD, Conn.--(BUSINESS WIRE)--GE (NYSE:GE) announced today that it has completed the previously announced sale of its European fleet services business, representing aggregate ending net investment (ENI) of approximately $2.8 billion, to Arval, a fully owned subsidiary of BNP Paribas.
“We are pleased to complete the sale of our European fleet services business to Arval,” said Keith Sherin, GE Capital chairman and CEO. “It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital.”
As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing “verticals” that relate to GE’s industrial businesses.
The European fleet services transaction releases approximately $0.6 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, as previously announced (subject to regulatory approval).
Sherin concluded, “We thank the European fleet services team for their contributions to GE Capital and to our customers, and wish them a successful future as they join Arval.”
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