GE to Sell Commercial Lending and Leasing Business in Japan to SMFL for ~$4.8B

GE

has signed an agreement today to sell its commercial lending and leasing business in Japan, including Capital Finance, Fleet Service and Vendor Finance, to Sumitomo Mitsui Finance and Leasing (SMFL), a member of Sumitomo Mitsui Financial Group

. The transaction includes employees of the business and represents aggregate GE ending net investment (ENI) of approximately US $4.6 billion. The sale price is approximately US $4.8 billion. "We continue to make quick progress on the sale of our international assets and are pleased to sell this business to a company that is committed to growth for our customers and employees," said Keith Sherin, GE Capital chairman and CEO. "This is our second transaction with the