GE Completes Sale of Healthcare Financial Services Business
December 01 2015 - 2:06PM
Business Wire
GE (NYSE:GE) announced today that it has completed the
previously announced sale of its GE Capital, Healthcare Financial
Services (HFS) U.S. lending business, representing aggregate ending
net investment (ENI) of approximately $8.3 billion, to Capital
One.
“GE Capital is making great progress in closing the sales of our
businesses that we announced earlier this year. We’re pleased that
we can continue to transfer our businesses and employees to strong
financial services firms like Capital One who are committed to
growing the business,” said Keith Sherin, GE Capital chairman and
CEO.
As previously announced, GE is embarking on a strategy to focus
on its high-value industrial businesses and is selling most GE
Capital assets. GE and its Board of Directors have determined that
current market conditions are favorable to pursue disposition of
these assets.
GE will retain the financing verticals that relate to GE’s
industrial businesses including its Healthcare Equipment Finance
business, which works with over 5,000 healthcare provider
organizations across North America to support their specific
technology-management needs.
The HFS transaction releases approximately $1.5 billion of
capital. GE Capital believes it is on track to deliver about $35
billion of dividends to GE under this plan, as previously announced
(subject to regulatory approval).
Sherin concluded, “We thank our HFS team for their contributions
to GE Capital and to our customers, and wish them a successful
future as they join Capital One.”
About GE:
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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.
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Investor:Matt Cribbins, +1 203 373
2424matthewg.cribbins@ge.comorMedia:GE Capital:Ned Reynolds,
+1 203 229 5717ned.reynolds@ge.comorGE:Seth Martin, +1 203 572
3567seth.martin@ge.com
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