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Sale nets US$1.1bSale nets US$1.1b
Source: Bloomberg News |
August 2, 2011, Tuesday
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Print Edition
Print Edition
GENERAL Electric Co and a partner agreed to sell shipping-container lessor GE SeaCo for US$1.05 billion to China's HNA Group Co and Bravia Capital as CEO Jeff Immelt reshapes GE's finance business.
GE will receive about US$500 million from the deal, which includes some assets owned by the company and SeaCo Ltd that are managed by GE SeaCo, according to a statement carried on Marketwire yesterday. SeaCo will get about US$528 million, the statement said.
Immelt agreed to sell Connecticut-based GE's 50 percent stake in the world's fifth-biggest container lessor as he sheds finance assets to focus on industrial units.
HNA Group and Bravia plan to expand the container lessor's fleet "significantly" over the next two years, according to the statement, as rising shipments of Asian-made goods to Europe and the US boost demand for cargo boxes.
GE will receive about US$500 million from the deal, which includes some assets owned by the company and SeaCo Ltd that are managed by GE SeaCo, according to a statement carried on Marketwire yesterday. SeaCo will get about US$528 million, the statement said.
Immelt agreed to sell Connecticut-based GE's 50 percent stake in the world's fifth-biggest container lessor as he sheds finance assets to focus on industrial units.
HNA Group and Bravia plan to expand the container lessor's fleet "significantly" over the next two years, according to the statement, as rising shipments of Asian-made goods to Europe and the US boost demand for cargo boxes.
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