Starwood, Apollo Vie for $4 Billion GE Air-Finance Unit

Starwood Capital Group and Apollo Global Management have submitted offers to buy an aircraft-financing business owned by General Electric Co., which could fetch around $4 billion, according to people familiar with the matter.

GE is working with advisers as it explores a possible sale of PK AirFinance, a subsidiary of the conglomerate’s broader aircraft-leasing business known as GECAS, said the people, who asked not to be identified because the talks are private. GE has received interest from potential suitors, some of which -- including affiliates of Starwood and Apollo -- have advanced into the next round of bidding, the people said.