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On August 7, GE Financial Services said it would sell its energy finance unit and loan portfolio to Starwood Real Estate Trust for US$2.
56 billion (about 17.
46 billion yuan) as part of a plan to scale down into smaller, more concentrated enterprises
.
GE Financial Services sold its energy finance unit to Starwood for $17.
46 billion
The 126-year-old industrial conglomerate has been divesting billions of dollars worth of assets from its General Electric Financial Services company since 2015, which will focus on jet engines, power plants and renewable energy
.
GE Financial Services said the deal with Starwood also includes the transfer of a workforce
of employees.
Starwood REIT said the transaction is expected to close in the third quarter, which will add to Starwood's core earnings
.
GE shares edged higher
in premarket trading on the day.
Citi Global Financial acted as financial advisor to General Electric Financial Services and was advised by Sherman Sterling
.
Sidley and Paul Hastings acted as legal counsel
to Starwood.
Note: This article uses the real-time exchange rate of 1 US dollar = 6.
8243 yuan
，
On August 7, GE Financial Services said it would sell its energy finance unit and loan portfolio to Starwood Real Estate Trust for US$2.
56 billion (about 17.
46 billion yuan) as part of a plan to scale down into smaller, more concentrated enterprises
.
GE Financial Services sold its energy finance unit to Starwood for $17.
46 billion
46 billion
The 126-year-old industrial conglomerate has been divesting billions of dollars worth of assets from its General Electric Financial Services company since 2015, which will focus on jet engines, power plants and renewable energy
.
GE Financial Services said the deal with Starwood also includes the transfer of a workforce
of employees.
Starwood REIT said the transaction is expected to close in the third quarter, which will add to Starwood's core earnings
.
GE shares edged higher
in premarket trading on the day.
Citi Global Financial acted as financial advisor to General Electric Financial Services and was advised by Sherman Sterling
.
Sidley and Paul Hastings acted as legal counsel
to Starwood.
Note: This article uses the real-time exchange rate of 1 US dollar = 6.
8243 yuan
，
