GE Closes Sale of Consumer Finance Business in France; Last Major Closing of GE Capital Exit Plan
March 28 2017 - 4:22AM
Business Wire
- Strong execution on strategy to become
simpler, more valuable industrial company
- GE Capital Exit Plan for major active
sales is complete
- GE Capital’s Announced Closings Now
Total Approximately US$198 Billion (ENI)
GE (NYSE:GE) announced today that it has closed the sale of its
French consumer finance business, GE Money Bank, and its operations
in the French Overseas Territories (the DOMs) to an affiliate of
Cerberus Capital Management L.P. The transaction represents ending
net investment (ENI) of approximately $4.4 billion as of the end of
the fourth quarter of 2016.
“This sale represents the last major closing in the GE Capital
Exit Plan,” said Rich Laxer, GE Capital Chairman and CEO. “I would
like to thank the teams that worked on this transaction as well as
all the teams within GE Capital that have helped us over the last
two years to reach this milestone a year ahead of schedule.”
As previously announced, GE is focusing on its high-value
industrial businesses and has sold most of GE Capital’s assets. GE
is retaining the financing verticals that relate directly to GE’s
industrial businesses.
Since the announcement in April, 2015, GE Capital has signed and
closed agreements for approximately US$198 billion of those
transactions, including this one. With this transaction, GE has
completed all major sales of GE Capital businesses under the GE
Capital Exit plan. The remaining retained assets will be managed
through its trailing and legacy operations.
About GE
GE (NYSE: GE) is the world’s Digital Industrial Company,
transforming industry with software-defined machines and solutions
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
GE’s Investor Relations website at www.ge.com/investor and our
corporate blog at www.gereports.com, as well as GE’s Facebook page
and Twitter accounts, including @GE_Reports, contain a significant
amount of information about GE, including financial and other
information for investors. GE encourages investors to visit these
websites from time to time, as information is updated and new
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 ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as
well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking
statements. This document also includes certain forward-looking
projected financial information that is based on current estimates
and forecasts. Actual results could differ materially.
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GEInvestors:Matt Cribbins,
+1-617-443-3400matthewg.cribbins@ge.comorMedia:Christine
Mohrmann, +44 207 853 1904christine.mohrmann@ge.com
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