General Electric has entered into a preliminary agreement to sell $30 billion in commercial lending and leasing businesses to Wells Fargo. The announcement comes some 6 months after the announcement was made by GE that it would sell-off that section of company, as it shifts it’s corporate focus back to manufacturing. The tentative sale agreement involves an estimated $200 billion in assets from the company’s GE Capital financing division.
It is expected that Wells Fargo will retain all leadership, employees and locations of GE Capital, including the approximately 100 workers at the Moberly, Missouri location.
The division serves customers in 60 countries by providing financing to fund flow of durable goods from manufacturers to dealers in the marine, recreational vehicle, motor sports and other industries.
The transaction also includes GE Capital Vendor Finance, a provider of private label and co-branded programs for U.S. and Canadian original equipment manufacturers, dealers and end users in office imaging, construction, material handling and technology.
Dan Patterson of KRES contributed to this story.