FAIRFIELD (dpa-AFX) - General Electric Co. (GE) said that it completed the sale of its Australia and New Zealand or A&NZ consumer finance business, representing aggregate ending net investment of approximately US$4.3 billion, to a consortium made up of Värde Partners, KKR and Deutsche Bank.
As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing verticals that relate to GE's industrial businesses.
The A&NZ consumer transaction releases approximately US$1.7 billion of capital. GE Capital believes it is on track to deliver about US$35 billion of dividends to GE under this plan, as previously announced.
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