General Electric has announced that its GE Capital division has reached an agreement to divest real estate assets for $26,5 billion (including $23 billion in assets to Blackstone Group and Wells Fargo) as part of a strategy to phase out commitment of the American industrial giant on the finance front.
The group intends to maintain the aircraft leasing activities as well as the project financing activities in the energy and industrial sectors but plans to progressively reduce the rest of the Ge Capital operations which today are worth about 500 billion dollars but are no longer as profitable as in past years. The group also announced that the board has authorized the launch of a maxi share buyback program worth 50 billion dollars.
