GE Health-Care Lender Receives Bids From Capital One, Apollo

Capital One Financial Corp. and Apollo Global Management have made offers for General Electric Co.’s health-care finance unit, which could fetch more than $11 billion, people with knowledge of the matter said.

Ares Management LP and Ventas Inc. also bid for the unit, which offers mortgages and business loans to nursing homes and other health-care providers, said the people, who asked not to be identified because the matter is private.

Initial bids were due June 18, with the next round of offers due in early July, the people said. GE is working with JPMorgan Chase & Co. on the sale and may select a buyer by the end of July, they said.

GE, based in Fairfield, Connecticut, is selling a number of lending businesses with about $200 billion in assets as it breaks up GE Capital, its sprawling financial-services arm, to focus on manufacturing.

The company plans to sell its health-care and foreign buyout-lending arms swiftly after agreeing to sell most of its U.S. buyout-lending unit to Canada Pension Plan Investment Board, GE Capital Chief Executive Officer Keith Sherin said in an interview earlier this month. The company has said it could announce $20 billion to $30 billion in additional asset sales in the quarter ending June 30, on top of a $26.5 billion real estate disposal in April.

Representatives for General Electric and JPMorgan declined to comment. Representatives for Capital One, Ventas, Apollo and Ares didn’t immediately respond to requests for comment.

Another major piece of GE Capital in the market right now is a batch of four U.S. commercial-lending and leasing businesses with a $40 billion in loans. Bids in that sale process are due Friday, the people said.

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