FAIRFIELD (dpa-AFX) - SunTrust Banks Inc. (STI), Apollo Global Management (APO) and Ares Management LP (ARES) are considering offers for a General Electric Co. (GE) unit in the U.S. that lends to private-equity firms, Bloomberg reported citing people familiar with the matter.
GE is working with Citigroup Inc. (C) to sell the business, which could fetch more than $10 billion, which is the face value of its outstanding loans, the report said.
The division is among the $200 billion of assets put up for sale this month at the company's finance unit as Chief Executive Officer Jeffrey Immelt accelerates efforts to shrink GE Capital and focus on GE's industrial operations. U.S. Bancorp, JPMorgan Chase & Co. and others have reportedly said they're interested in bidding for the assets up for grabs.
Concern over possible staff defections at the so-called sponsor-finance unit are spurring GE to move swiftly on the sale, with first-round bids due in mid-May. GE is working with Bank of America Corp. on a separate sale process for its European private equity-lending arm, which has about $6 billion in loans, the report said.
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