GE Sells Stake in Hyundai Card Joint Venture
February 01 2017 - 7:40AM
Dow Jones News
By Joshua Jamerson
General Electric Co. (GE), which has been winding down its
finance operations amid efforts to refocus on industrials, said
Wednesday it will sell its finance arm's 43% stake in Hyundai Card
Co., a credit-card issuer in South Korea.
GE reached an agreement to sell the stake to Hyundai Commercial,
Affinity Equity Partners, GIC and AlpInvest. Hyundai Card is a
joint venture between GE and Hyundai Commercial, an affiliate of
Hyundai Motor Group (HYMLY, 005380.SE).
GE said the transaction represents an aggregate ending net
investment of about $1.3 billion, as of the end of the fourth
quarter 2016. The transaction is expected to close around the end
of February.
Jeff Immelt, GE's chief executive, initially poured billions of
dollars into property and other investments in search of profits,
making finance a big business for the company. But following the
financial crisis the conglomerate has parted ways with the bulk of
GE Capital, focusing instead on GE's better-known businesses of
building advanced aircraft engines, power turbines and medical
devices. In October, Mr. Immelt said sales of GE Capital's assets
"are substantially complete."
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
February 01, 2017 07:25 ET (12:25 GMT)
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