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GE Said to Near Canada Deal as Ares Seeks Other Loan Assets

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General Electric Co. is poised for a $12 billion deal as soon as Monday to sell more than half of its U.S. private-equity lending arm to Canada Pension Plan Investment Board while Ares Management LP seeks to buy the rest of that business, people familiar with the matter said.

Ares is pursuing a deal for the $8 billion Senior Secured Loan Program it co-manages with GE, said the people, who asked not to be identified because the details aren’t public. The firm has lined up investors to help it acquire Senior Secured, one person said.