OREANDA-NEWS. August 24, 2015.  GE [NYSE:GE] announced today that it has completed the previously announced sale of its U.S. Sponsor Finance business and a bank loan portfolio, representing aggregate ending net investment (ENI) of approximately \\$10 billion, to Canada Pension Plan Investment Board (CPPIB) in a transaction valued at more than \\$11 billion.

“We are excited to complete the sale of Sponsor Finance to CPPIB,” said Keith Sherin,
GE Capital chairman and CEO. “As one of the first major closings in this process, it is an important milestone as we continue to execute on our plan to sell most of the assets of GE Capital,” added Sherin.

As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing “verticals” that relate to GE’s industrial businesses.  

The Sponsor Finance transaction closes at a valuation consistent with signing and, as expected, releases approximately \\$2.5 billion of capital. GE Capital believes it is on track to deliver about \\$35 billion of dividends to GE under this plan, as previously announced (subject to regulatory approval). Changes in the transaction size were driven by normal portfolio seasonality and pay-off in the bank loan portfolio during the sign to close period.

Mr. Sherin concluded, “We wish our Sponsor Finance team a successful future as they join CPPIB and grow the business under the new owner.”

About GE
GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com.

GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

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