GE Agrees To Sell UK Home Lending Portfolio To Private-equity Consortium

By Ciara LinnaneMarketWatch Pulse

General Electric Co. said Monday it has agreed to sell its UK home lending portfolio to a consortium of private equity firms Blackstone LP , TPG Special Situations Partners and CarVal Investors. The first lien mortgage loans have an ending net investment value of about $5.8 billion, said GE. Terms of the deal were not disclosed. The agreement substantially completes the exit of GE's $13 billion UK home lending portfolio, the company said in a statement. GE has embarked on a strategy of selling its financial assets to focus on core industrial businesses. Shares were slightly lower in premarket trade, but are up 21.3% in the year so far, while the Dow Jones Industrial Average is flat.

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