MUFG to Acquire Supply Chain Finance Platform from GE Capital

MUFG Union Bank will acquire supply chain finance platform Trade Payable Services from GE Capital. The deal marks the third major divestment by GE Capital over the last six months.

GE to Sell Distributed Power Biz to Advent for $3.25B

GE signed an agreement to sell its Distributed Power business to Advent International for $3.25 billion. The transaction includes Distributed Power’s Jenbacher and Waukesha engines and manufacturing sites in Austria, Canada and the U.S.

Dow Drops GE, Adds Walgreens Boots

The Wall Street Journal reported that GE has dropped off the Dow Industrial Average list for the first time in 100 years and will be replaced by Walgreens Boots.

SEC Investigates GE

The Wall Street Journal reported that the Securities and Exchange Commission is looking into GE Capital’s revenue recognition practices for “long-term service contracts.”

Fitch Downgrades GE to ‘A+/F1’; Outlook Negative

Fitch Ratings downgraded the long- and short-term issuer default ratings for General Electric and GE Capital Global Holdings to “A+” and ‘F1’ from ‘AA-‘and ‘F1+.’

General Electric to Cut Dividend 50%

General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.

WSJ: New GE Chief Cutting Perks, Corporate Staff

The Wall Street Journal reported GE’s new CEO John Flannery has already begun cutting the corporate perks initiated by his predecessor, Jeff Immelt. corporate staff cuts are pending.

Miller Replaces Bornstein as GE CFO; Rice, Comstock to Retire

Jamie Miller, CEO of GE Transportation, has been named the company’s chief financial officer, replacing Jeffrey S. Bornstein who will leave the company at the end of this year. GE Vice Chairs John Rice and Beth Comstock will also retire effective December 31, 2017.

GE Sells Industrial Solutions Business to ABB

Switzerland’s ABB has acquired GE Industrial Solutions for $2.6 billion. GE’s global electrification solutions is headquartered in Atlanta and has about 13,500 employees around the world.

Ares Capital Purchases SSLP Loans, Concludes GE Joint Venture

Ares Capital purchased the remaining loans of the Senior Secured Loan Fund, effectively concluding the joint venture with GE.