GE Completes Sale of U.S. Restaurant Finance Assets
September 19 2016 - 9:00AM
Business Wire
- Represents Last Major U.S. Platform
Transaction in GE Capital Transformation
- GE Capital’s Completed Deals to Date
Total Approximately US$172 Billion (ENI)
GE (NYSE:GE) announced today that it has completed the sale of
GE Capital’s U.S. restaurant financing assets, through a series of
separate transactions with regional buyers first announced in June
2016. These combined transactions represent an ending net
investment (ENI) of approximately $1.3 billion, as of the end of
the second quarter of 2016.
Through the most recent transaction, which closed Friday,
September 16, First Horizon National Corporation, a Tennessee-based
bank, acquired assets in the Southwest and Southeast. In previously
closed transactions, Wintrust Financial Corporation, an
Illinois-based bank, acquired assets in the Midwest and part of the
West, and Sterling National Bank, headquartered in New York,
acquired assets in the East.
“We’re pleased to complete the sale of our U.S. restaurant
financing assets to a group of strong regional owners who intend to
grow these relationships,” said Rich Laxer, GE Capital President
and CEO. “As we continue to execute on our strategy to
significantly reduce the size of GE Capital, these transactions
represent the last operating platform for sale in North
America.”
As previously announced, GE is focusing on its high-value
industrial businesses and is selling most of GE Capital’s assets.
GE will retain its financing verticals that relate directly to GE’s
industrial businesses. Since the April 2015 announcement, GE
Capital has signed agreements for the sale of approximately US$192
billion of businesses and has closed approximately US$172 billion
of those transactions. GE Capital plans to have largely completed
the process of selling approximately $200 billion of businesses by
the end of 2016 and believes it is on track to deliver
approximately US$35 billion of dividends to GE under this plan.
About GE
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that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
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information is posted.
Caution Concerning Forward-Looking Statements:This
document contains "forward-looking statements" – that is,
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
statements,
see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as
well as our annual reports on Form 10-K and quarterly reports on
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Investors:Matt Cribbins, +1
203-373-2424matthewg.cribbins@ge.comorMedia:GE
CapitalPatrick Brennan, +1
203-750-3335patrick.brennan@ge.com
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