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GE Completes Sale of U.S. Fleet Services Business to Element Financial Corporation - GE announced that it has completed the previously announced sale of its U.S. fleet services business, representing aggregate ending net investment (ENI) of approximately $4.4 billion, to Element Financial Corporation [TSX: EFN]
GE Completes Sale of U.S. Fleet Services Business to Element Financial Corporation

 

NewswireToday - /newswire/ - Fairfield, CT, United States, 2015/08/31 - GE announced that it has completed the previously announced sale of its U.S. fleet services business, representing aggregate ending net investment (ENI) of approximately $4.4 billion, to Element Financial Corporation [TSX: EFN]. NYSE: GE

   
 
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GE announced today that it has completed the previously announced sale of its U.S. fleet services business, representing aggregate ending net investment (ENI) of approximately $4.4 billion, to Element Financial Corporation in a transaction valued at approximately $5 billion. Separately, the previously announced sale of GE’s Mexican, Australian and New Zealand fleet businesses to Element is expected to close at the end of the third quarter, and the sale of GE’s European fleet businesses to Arval, a fully-owned subsidiary of BNP Paribas, is expected to close in the fourth quarter.

“We are pleased to complete the sale of our U.S. fleet services business to Element,” said Keith Sherin, GE Capital chairman and CEO. “It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital,” added Sherin.

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.

The U.S. fleet services transaction releases approximately $0.6 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).

Mr. Sherin concluded,“We wish our U.S. fleet services team a successful future as they join Element.”

About GE
GE (ge.com) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.

Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," or "target." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about our announced plan to reduce the size of our financial services businesses, including expected cash and non-cash charges associated with this plan; expected income; earnings per share; revenues; organic growth; margins; cost structure; restructuring charges; cash flows; return on capital; capital expenditures, capital allocation or capital structure; dividends; and the split between Industrial and GE Capital earnings. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: obtaining (or the timing of obtaining) any required regulatory reviews or approvals or any other consents or approvals associated with our announced plan to reduce the size of our financial services businesses; our ability to complete incremental asset sales as part of that plan in a timely manner (or at all) and at the prices we have assumed; changes in law, economic and financial conditions, including interest and exchange rate volatility, commodity and equity prices and the value of financial assets, including the impact of these conditions on our ability to sell or the value of incremental assets to be sold as part of our announced plan to reduce the size of our financial services businesses as well as other aspects of that plan; the impact of conditions in the financial and credit markets on the availability and cost of GECC's funding, and GECC's exposure to counterparties; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; pending and future mortgage loan repurchase claims and other litigation claims in connection with WMC, which may affect our estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flows and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; GECC's ability to pay dividends to GE at the planned level, which may be affected by GECC's cash flows and earnings, financial services regulation and oversight, and other factors; our ability to convert pre-order commitments/wins into orders; the price we realize on orders since commitments/wins are stated at list prices; customer actions or developments such as early aircraft retirements or reduced energy demand and other factors that may affect the level of demand and financial performance of the major industries and customers we serve; the effectiveness of our risk management framework; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation and litigation; adverse market conditions, timing of and ability to obtain required bank regulatory approvals, or other factors relating to us or Synchrony Financial that could prevent us from completing the Synchrony Financial split-off as planned; our capital allocation plans, as such plans may change including with respect to the timing and size of share repurchases, acquisitions, joint ventures, dispositions and other strategic actions; our success in completing, including obtaining regulatory approvals for, announced transactions, such as the proposed transactions and alliances with Alstom, Appliances and our announced plan to reduce the size of our financial services businesses, and our ability to realize anticipated earnings and savings; our success in integrating acquired businesses and operating joint ventures; the impact of potential information technology or data security breaches; and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Investor Contact: Matt Cribbins, P: +1 203-373-2424 - E: matthewg.cribbins[.]ge.com.
Media Contact: Seth Martin, P: +1 203-572-3567 E: seth.martin[.]ge.com.

 
 
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Written by / Agency / Source: General Electric Company

 
 

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GE Completes Sale of U.S. Fleet Services Business to Element Financial Corporation

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GE News Center | Element Financial Corp.
Publisher Contact: Susan Bishop - GE.com 
203-750-5362 susan.bishop[.]ge.com
 
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