GE to Sell U.K. Home Lending Portfolio
November 23 2015 - 8:33AM
Dow Jones News
By Anne Steele
General Electric Co. said Monday it agreed to sell a portfolio
of first lien mortgage loans from its U.K. home lending business
worth about $5.9 billion to an investment consortium of funds
managed by Blackstone, TPG Special Situations Partners and CarVal
Investors.
Terms of the deal, expected to close in December, weren't
disclosed.
The transaction represents the sale of almost all of the
company's remaining U.K. mortgage business, said GE Capital Chief
Executive Keith Sherin.
Mr. Sherin said GE Capital began this year with about $13
billion of ending net investment in its U.K. mortgage business and
will have about $400 million remaining when the transaction
closes.
GE announced earlier this year it is focusing on its high-value
industrial businesses and is selling most GE Capital assets. This
latest transaction will contribute about $400 million of capital to
the overall target of about $35 billion of dividends expected to be
paid to GE under the plan.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 23, 2015 08:18 ET (13:18 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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