General Electric Co (GE.N) said it will sell its commercial lending and leasing businesses worth more than $30 billion to Wells Fargo & Co (WFC.N) as the industrial conglomerate shifts its focus back on the manufacturing businesses.
The sale is part of a plan announced in April to sell off some $200 billion in GE Capital financing assets, setting off a series of transactions for the U.S. conglomerate.
On sale are the commercial distribution finance business that serves the marine, recreational vehicles and motorsports industries as well as the vendor finance business that serves sectors including construction and technology.
The deal also includes the sale of corporate finance’s portfolio of senior secured loans and leases.
Reuters reported last week that GE was nearing a deal to sell over $30 billion of loans to Wells Fargo.
The transaction is expected to be completed in the first quarter of 2016, GE said.
Goldman Sachs and Credit Suisse advised GE on the deal.