(MENAFN) US industrial company General Electric announced selling its lending business Sponsor Finance to the Canadian Pension Plan Investment Board for USD12 billion, The Peninsula Qatar reported.
The acquisition target's Antares Capital has provided more than USD120 billion in finance over the past five years to help firms buy others. The sale is part of GE's divestiture to focus on industrial businesses.
The purchase will allow CPPIB to achieve scale and advance "the prudent diversification of our investment portfolio," according to CPPIB president and chief executive.
"This announcement is the next step in GE's transformation to a more focused industrial company," GE's Capital chairman and chief executive said in a statement.
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