Daily News: March 14, 2014

Bloomberg: GE Said to Seek $3.5 Billion in Consumer-Finance IPO

Bloomberg reported, citing people with knowledge of the matter, that General Electric plans to seek as much as $3.5 billion in the initial public offering of its North American consumer-lending business, now called Synchrony Financial.

Bloomberg said GE will seek a valuation of $20 billion and $25 billion in the sale, according to the people.

Bloomberg notes that the spinoff of the consumer-finance arm bolsters CEO Jeffrey Immelt’s bid to boost the share of earnings from units making industrial goods. Immelt has a goal of cutting dependence on earnings from GE Capital to 30% of total profits.

To read the entire Bloomberg article, click here.