GE completed the previously announced sale of its EMEA Commercial Distribution Finance business to Wells Fargo
OREANDA-NEWS. October 04, 2016. GE (NYSE: GE) announced that today it has completed the previously announced sale of its European, Middle East and Africa (EMEA) Commercial Distribution Finance (CDF) business to Wells Fargo, representing aggregate ending net investment (ENI) of approximately \\$0.8 billion as at the end of the second quarter of 2016.
This closing represents the final component of the previously announced agreement to sell GE Capital’s global CDF, North American Vendor Finance and Corporate Finance businesses to Wells Fargo, amounting to a total ENI of approximately \\$30 billion.
“We’re pleased that CDF will continue to serve customers as a global franchise,” said Rich Laxer, chairman and CEO of GE Capital. “This closing also brings us nearer to the completion of our plans to sell most of the assets of GE Capital.”
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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