Market Overview

GE Announces Sale Of Assets To Western Alliance, State Street

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General Electric Company (NYSE: GE) announced after Tuesday's market close it has agreed to sell its U.S. hotel franchise loan portfolio to Western Alliance Bancorporation (NYSE: WAL) as part of an ongoing strategy to divest most of its GE Capital assets.

General Electric's loan portfolio provides real estate financing to owners of limited service hotel properties and includes approximately $1.4 billion in ending net investment (ENI).

General Electric also reached an agreement to sell its Canadian Franchise Finance business to a separate buyer, representing about $0.3 billion in ENI.

In a separate transaction announced on Wednesday, General Electric announced an agreement in which it will sell its GE Asset Management business to State Street Corp (NYSE: STT) for up to $485 million.

General Electric has been in talks with State Street to sell its asset management business since at least early February, 2016.

Shares of General Electric were trading higher by 0.38 percent ahead of Wednesday's market open.

 

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Posted-In: GE GE Asset Management Business GE Capital GE Loan Portfolio State Street Western Alliance BancorporationNews Asset Sales