GE completed the sale of GE Capital’s Franchise Finance U.S. hotel business to Western Alliance Bank. The sale includes $1.3 billion in ENI and the majority of the hotel business employees.
According to French newspaper Les Echos, Cerberus has entered into exclusive talks with GE to continue GE Money Bank, GE’s French banking unit.
GE has signed an agreement to sell its appliances business to Qingdao Haier for $5.4 billion. Haier will continue to use the GE Appliances brand.
Bloomberg reported that GE will return $26 billion through dividends and stock repurchases in 2016 to shareholders following the implementation of its plan to sell of financial assets and focus on the industrial side of the business.
GE has completed more than $100 billion in previously announced
portfolio and business unit sales as part of its strategy to significantly reduce the size of GE Capital and apply for de-designation as a SIFI.
Electrolux said, in accordance with the terms of the transaction agreement, it will pay the termination fee of $175 million to General Electric.
General Electric has terminated its agreement to sell its appliances business to Electrolux. GE noted it is entitled to a break-up fee of $175 million from Electrolux.
GE appointed four new company officers, effective December 1, including the selection of Jim Waterbury as vice president, M&A counsel for GE and general counsel for GE Capital.
GE announced a final exchange ratio in connection with its offer to exchange GE common stock for Synchrony Financial common stock owned by GE. Goldman Sachs, J.P. Morgan Securities and others served as dealer managers for the exchange offer.