General Electric (GE) Sells Remaining Minority Stake in Hyundai Capital Services
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GE (NYSE: GE) announced that it has completed the sale of its remaining 20% stake in the Hyundai Capital Services (HCS) joint venture through a structured asset-backed security, representing aggregate ending net investment (ENI) of approximately $0.8 billion as at the end of the third quarter of 2016.
“As we continue to sell most of the assets of GE Capital, we are working with our joint venture partners such as Hyundai Capital to find solutions that work best for all parties,” said Rich Laxer, GE Capital Chairman and CEO. “Hyundai has been a strong partner for us over the last 12 years with the joint venture providing tremendous value for customers,” he added.
As previously announced, GE has embarked on a strategy to create a simpler, more valuable company by reducing the size of its financial businesses and by focusing on continued investment and growth in its world-class industrial businesses. GE will retain the financing businesses that relate directly to GE’s industrial businesses.
Since the April 2015 announcement, GE Capital has signed agreements for the sale of approximately $193 billion of businesses and has closed approximately $175 billion of those transactions. GE Capital plans to have largely completed the process of selling approximately $200 billion of businesses by the end of 2016 and believes it is on track to deliver approximately $35 billion of dividends to GE under this plan.
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