Deals
GE Agrees to Sell $4.6 Billion French Banking Unit to Cerberus
- Annnounced sales now total $177 billion since strategy shift
- Industrial giant is refocusing on heavy-duty manufacturing
This article is for subscribers only.
General Electric Co. received a binding offer from Cerberus Capital Management for its French consumer finance business, with $4.6 billion in assets.
The proposed sale of GE Money Bank will be submitted to business works councils and the transaction is targeted to close in the fourth quarter, GE said in a statement Thursday. The offer doesn’t include a $2 billion prime mortgage portfolio, which is being sold separately.