GE Capital has unloaded its Australia and New Zealand consumer ending business for A$8.2 billion (US$6.3 billion). Värde Partners, KKR and Deutsche Bank are the proud new owners of the GE portolio.
GE Capital has more than 3 million customers and is a long-standing partner to many of the major retailers in Australia & New Zealand. All of these products and services will remain under the Company’s new ownership.
The new owners reportedly as seeking to securitize about A$7 billion (US$5.33 billion) of debt they acquired from a unit of GE.
GE Capital issues the popular GE Money MasterCard in Australia. The card carries a A$69 annual fee, 23.5% APR and has a grace period up to 55 days.
Last year, GE sold Its Scandinavian consumer finance business to Banco Santander and spun off its retail finance arm in an IPO as Synchrony Financial.
Advisers to GE are Credit Suisse and Morgan Stanley.
Advisers to the acquiring consortium are Bank of America Merrill Lynch, Moelis & Company and Citi.
The GE transaction is subject to customary regulatory approvals.
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