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GE to sell Australia, NZ commercial lending portfolio to Bain affiliate
November 9, 2015 / 8:40 AM / 2 years ago

GE to sell Australia, NZ commercial lending portfolio to Bain affiliate

The logo of U.S. conglomerate General Electric is pictured at the company's site in Belfort, June 23, 2014. REUTERS/Vincent Kessler

SYDNEY (Reuters) - GE (GE.N) said on Monday it had agreed to sell GE Capital’s commercial lending and leasing portfolios in Australia and New Zealand to Sankaty Advisors, the global credit affiliate of Bain Capital.

Terms of the transaction were not disclosed but Australian media reported the value of the deal at A$1.9 billion ($1.3 billion).

GE said in a statement that the deal completes GE Capital’s exit from Australia and New Zealand, part of its strategy to sell most of GE Capital assets and focus on investment and growth in industrial businesses.

It said it has signed agreements to sell approximately $128 billion of GE Capital, more than 60 percent of its overall plan.

Reporting by Matt Siegel; Editing by Muralikumar Anantharaman and Edwina Gibbs

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