Reuters: Three Buyout Funds Said to be Vying for GE’s French Banking Arm
Reuters reported that three buyout funds are vying to buy General Electric’s banking unit in France which has approximately $6.6 billion worth of assets.
Reuters reported that three buyout funds are vying to buy General Electric’s banking unit in France which has approximately $6.6 billion worth of assets.
GE noted in its recent Q3/15 earnings report that it signed $126 billion of dispositions, ahead of plan and on track for goal of closing about $100 billion by year-end.
GE said Synchrony Financial has received approval from the Fed to become a standalone savings and loan holding company and to retain control of Synchrony Bank, following completion of GE’s proposed exchange offer.
Trian Fund Management disclosed it has become a top ten shareholder of GE with a beneficial ownership of 98.5 million GE shares currently valued at approximately $2.5 billion.
GE Capital announced that a newly formed finance subsidiary, GE International Funding, has commenced private offers to exchange new notes for outstanding debt securities. The move is expected to be a key step in terminating the nonbank systemically important financial institution designation for GECC.
Bloomberg reported that KKR and Apollo Global Management are seeking to acquire GE’s inventory finance arm, a unit with $11 billion in assets.
General Electric reported a Q2/15 net loss of $1.36 billion as it booked a $3.75 billion loss from discontinued GE Capital operations. For the six month period ended 6/30, GE notes GE Capital segment loss of $8.3 billion.
Bloomberg reported that Black Hills agreed to buy energy company SourceGas Holdings from investment funds managed by GE and Alinda Capital Partners.
In a report, The Motley Fool notes that GE is wasting no time in executing the plan announced in April to sell more than 80% of GE Capital’s assets by the end of 2016.
GE said it classified additional businesses with its CLL unit as held for sale that reflects an acceleration of timing versus its earlier Exit Plan. As a consequence, GE said it expects to recognize $4.3 billion of after-tax charges in Q2/15.