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GE closes sale of consumer finance biz in France to Cerberus Capital affiliate

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GE closes sale of consumer finance biz in France to Cerberus Capital affiliate

General Electric Co. has closed the sale of its French consumer finance business GE Money Bank SCA and its operations in the French overseas territories to an affiliate of Cerberus Capital Management LP.

The transaction represents ending net investment of about $4.4 billion as of the end of the fourth quarter of 2016.

The sale is the last major closing in General Electric Capital Corp.'s plans to sell most of its assets, said Rich Laxer, chairman and CEO of GE Capital.

GE Capital has signed and closed agreements for about $198 billion since the announcement of its plans to sell most of its assets. GE Capital's remaining retained assets will be managed through its trailing and legacy operations.