FAIRFIELD (dpa-AFX) - General Electric Co (GE) on Friday said it has completed the sale of its U.S. Sponsor Finance business and a bank loan portfolio to Canada Pension Plan Investment Board in a transaction valued at more than $11 billion.
The sale of the business represents aggregate ending net investment of about $10 billion.
'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,' said GE Capital CEO Keith Sherin.
The Sponsor Finance transaction closes at a valuation consistent with signing and, as expected, releases about $2.5 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan.
GE, as part of efforts to focus on high-value industrial businesses, is selling most GE Capital assets.
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