GE selling health care loans and lending business for roughly $9B to Capital One

MarketsAssociated Press

GE is selling its health care lending unit and related loans to Capital One for roughly $9 billion as it shrinks its GE Capital business.

GE is focusing on its industrial operations. It announced in April that it would sell most of the assets in the GE Capital subsidiary. Investors had long pushed for the company to get rid of its finance unit.

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The health care financial services unit provides capital financing to U.S. health care companies, developers and others.

The companies announced the deal Tuesday. It is expected to close in the fourth quarter.

Separately, GE said it is selling $600 million of the unit's real estate equity investments to another buyer.