Deals
Starwood to Buy a GE Energy-Finance Business for $2.56 Billion
- Deal includes $2.1 billion of loans in U.S., Europe, Mideast
- Debts are backed by power plants, pipelines and wind farms
Photographer: Aaron M. Sprecher/Bloomberg
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Barry Sternlicht’s Starwood Property Trust Inc. agreed to buy a General Electric Co. energy-finance business for $2.56 billion to expand beyond real estate holdings.
The acquisition includes a roughly $2.1 billion portfolio of 51 loans backed by assets such as pipelines, power plants and wind farms, as well as $400 million of unfunded commitments, Starwood and GE said Wednesday in separate statements, confirming an earlier report by Bloomberg. The project-finance debt unit -- and its 21-person team -- is part of GE Capital’s Energy Financial Services business.