FAIRFIELD, Conn.--(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).
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