BOSTON--(BUSINESS WIRE)--
GE (NYSE:GE) announced today that it has signed an agreement to sell its 43% stake in Hyundai Card Co. (HCC) to Hyundai Commercial, Affinity Equity Partners, GIC and AlpInvest to exit its entire 43% ownership in HCC. Hyundai Card Co. is a joint venture between GE and Hyundai that issues credit cards in the South Korean market. Hyundai Commercial is an affiliate of Hyundai Motor Group. Affinity is a leading private equity investor focusing on pan-Asia region. GIC is a sovereign wealth fund established by the government of Singapore and AlpInvest is a leading global private equity investor.
The transaction represents aggregate GE ending net investment (ENI) of approximately US$1.3 billion as of the end of the fourth quarter 2016. The transaction is expected to close around the end of February 2017.
“As we continue to sell most of the assets of GE Capital, we have worked with our joint venture partner, Hyundai, to find the solution that works best for all parties,” said Rich Laxer, GE Capital Chairman and CEO. “We’re pleased that we were able to fully exit our stakes in Hyundai Card Co. Hyundai has been a great partner over the last 12 years providing value for customers,” he added.
As previously announced, GE is focusing on its high-value industrial businesses and is selling most GE Capital assets. GE will retain the financing businesses that relate directly to GE’s industrials.
Since the announcement in April, 2015, GE Capital has signed agreements for the sale of approximately US$198 billion of businesses, including this transaction, and has closed approximately US$190 billion of those transactions. GE Capital has largely completed the process of selling approximately $200 billion of the GE Capital businesses.
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.
About Hyundai Card Co.
Hyundai Card is a credit card firm based in Seoul, Korea. It is an affiliate of Hyundai Motor Group. The company leads South Korea’s premium card market and is among the country’s top credit card issuers. http://about.hyundaicard.com
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 http://www.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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