BOSTON--(BUSINESS WIRE)--
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.
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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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