GE has entered into an agreement with Banca IFIS to sell its shares in GE Capital Interbanca in Italy. The transaction includes employees of the business and represents ending net investment of approximately $3.7 billion as of the end of the first quarter of 2016.
State Street will acquire GE Asset Management, GE’s investment management arm, for up to $485 million, subject to adjustments. The sale is expected to close in Q3/16.
GE will relocate its corporate headquarters to Boston from Fairfield, CT. The move is expected to begin in the summer of 2016 and finish by 2018.
Moody’s Investors Service assigned issuer ratings of A1 and Prime-1 to GE Capital Holdings, with a stable outlook. Moody’s will withdraw GECC’s ratings after GE completed the reorganization, with includes a merger of GECC into GE.
GE completed the previously announced sale of GE Capital, Transportation Finance in the U.S. and Canada, representing $8.9 billion of net earning assets, to BMO Financial Group.
Synchrony Financial completed its separation from General Electric, allowing the financial services company to become a standalone entity. In related news, GE completed its exchange offer for shares of Synchrony.
According to The Wall Street Journal, Sumitomo Mitsui Financial Group and Shinsei Bank are the last two bidders in the running for GE’s roughly $5 billion Japanese commercial finance unit.
GE reached an agreement with UK Export Finance to access export financing for up to $12 billion.
In another move to reduce the size of its financial business, GE will explore opportunities to sell GE Asset Management (GEAM) to another leading investment management firm.
The European Commission approved the acquisition of Alstom’s energy businesses by General Electric subject to divestment of central parts of Alstom’s heavy duty gas turbines business to Ansaldo.