GE Selling $30B Finance Unit
CBJ — General Electric is moving closer to the sale of its massive commercial lending and leasing businesses to Wells Fargo in a transaction expected to be completed in the first quarter of next year that could be worth in excess of $32 billion.
The sale is part of a plan, announced in April, to sell off almost $200 billion in GE Capital financing assets, allowing the U.S. company to focus more predominantly on its manufacturing roots.
On the block are the commercial finance marine, recreational vehicles and motorsports industries as well as the vendor finance business that serves sectors including construction and technology. The deal also includes secured loans and leases.