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GE to sell Europe private equity unit to Japan's SMBC for $2.2 billion

Published 06/30/2015, 06:43 AM
Updated 06/30/2015, 06:45 AM
© Reuters. A GE logo is seen in a store in Santa Monica

(Reuters) - General Electric Co (N:GE) said it would sell its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp (SMBC) for $2.2 billion.

GE Capital will retain its $1 billion investment in the European Senior Secured Loan Program and European Loan Program, both joint ventures between affiliates of GE Capital and affiliates of Ares Capital, GE said on Tuesday.

© Reuters. A GE logo is seen in a store in Santa Monica

The deal is part of the U.S. conglomerates plan to shed its financial assets and concentrate on its industrial businesses.

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