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Boston, MA, United States, 2017/03/28 - GE announced 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 - GE.com. NYSE: GE
• 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 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.
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