GE Completes Sale of U.S. Restaurant Finance Assets

• Represents Last Major U.S. Platform Transaction in GE Capital Transformation
• GE Capital’s Completed Deals to Date Total Approximately US$172 Billion (ENI)

BOSTON--(BUSINESS WIRE)-- GE (NYSE: GE) announced today that it has completed the sale of GE Capital’s U.S. restaurant financing assets, through a series of separate transactions with regional buyers first announced in June 2016. These combined transactions represent an ending net investment (ENI) of approximately $1.3 billion, as of the end of the second quarter of 2016.

Through the most recent transaction, which closed Friday, September 16, First Horizon National Corporation, a Tennessee-based bank, acquired assets in the Southwest and Southeast. In previously closed transactions, Wintrust Financial Corporation, an Illinois-based bank, acquired assets in the Midwest and part of the West, and Sterling National Bank, headquartered in New York, acquired assets in the East.

“We’re pleased to complete the sale of our U.S. restaurant financing assets to a group of strong regional owners who intend to grow these relationships,” said Rich Laxer, GE Capital President and CEO. “As we continue to execute on our strategy to significantly reduce the size of GE Capital, these transactions represent the last operating platform for sale in North America.”

As previously announced, GE is focusing on its high-value industrial businesses and is selling most of GE Capital’s assets. GE will retain its financing verticals that relate directly to GE’s industrial businesses. Since the April 2015 announcement, GE Capital has signed agreements for the sale of approximately US$192 billion of businesses and has closed approximately US$172 billion of those transactions. GE Capital plans to have largely completed the process of selling approximately $200 billion of businesses by the end of 2016 and believes it is on track to deliver approximately US$35 billion of dividends to GE under this plan.

About GE

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Caution Concerning Forward-Looking Statements:This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160919005805/en/

Investors:
Matt Cribbins, +1 203-373-2424
[email protected]
or
Media:
GE Capital
Patrick Brennan, +1 203-750-3335
[email protected]

Source: GE

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