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GE to sell stake in Hyundai Card to Hyundai Commercial, other investors
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General Electric Co. agreed to sell unit GE Capital's 43% stake in Hyundai Card Co. Ltd. to Hyundai Commercial, Affinity Equity Partners, GIC and AlpInvest.
The sale is part of the company's strategy to focus on its high-value industrial businesses. It is selling most of GE Capital assets.
The transaction is expected to close around the end of February.
Hyundai Card is a joint venture between GE and Hyundai that issues credit cards in the South Korean market.