GE (GE) to Seek North American Retail Finance Unit IPO in 2014
- Wall Street lower as earnings roll in; Fed meet eyed
- Verizon (VZ) Enters Agreement to Acquire Yahoo's (YHOO) Operating Business in $4.8B Deal
- Outerwall (OUTR) Enters $1.6B Merger Agreement (APO)
- The Axe on Apple (AAPL) Expects Earnings To Be A Non-Event
- Exclusive: Tesla, SolarCity close to merger agreement
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(Updated - November 15, 2013 9:13 AM EST) GE (NYSE GE) announced that it intends to pursue an initial public offering (IPO) of its North American Retail Finance business (Retail Finance) as a first step in a staged exit from that business. GE plans to file a registration statement with the U.S. Securities and Exchange Commission in the first quarter of 2014 and complete the IPO later in 2014. GE plans to issue up to 20% of the equity of Retail Finance in the IPO, in exchange for cash that will be used to increase the capital of the new company. GE currently intends to complete its exit from Retail Finance in 2015 through a split-off transaction, by making a tax-free distribution of its remaining interest in Retail Finance to electing GE stockholders in exchange for shares of GE’s common stock. GE may also decide to exit by selling or otherwise distributing or disposing of all or a portion of its remaining interest in the Retail Finance shares. Retail Finance will conduct business as usual through the IPO and eventual exit, continuing to serve its partners and customers as a separate public company. The IPO and exit are subject to market conditions and receipt of regulatory and tax reviews and approvals. This disclosure is not an offer to sell, or solicitation of offers to buy, any securities.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Galenica to Acquire Relypsa (RLYP) for $32/Share
- Audentes Therapeutics (BOLD) IPO Opens Up 27%
- Piper Jaffray Starts Syros Pharmaceuticals (SYRS) at Overweight