GE sells 'down-under' finance business in $6.3 billion deal

Staff Writer
Columbus CEO

General Electric is selling another segment of its financial business, transferring its GE Capital consumer-lending operation in Australia and New Zealand to a group of investors in a deal valued at roughly $6.3 billion.

Buyers include Varde Partners, a global investment firm based in Minneapolis, along with the investment firm KKR & Co. and DeutscheBank.

GE Capital provides personal loans and credit cards to about 3 million consumers in Australia and New Zealand, along with financial services for major retailers, the company said Sunday. The deal does not involve its commercial financing business, which makes loans to mid-sized businesses in those countries.

The deal is valued at 8.2 billion Australian dollars. GE has recently spun off other lending units in North America and Europe.

GE's headquarters is in Fairfield, Connecticut.