General Electric is selling its stake in sea containers leasing joint venture GE SeaCo to China’s HNA Group and Bravia Capital. The U.S. industrial conglomerate will receive a total of $1.04 billion from the sale. The transaction is being funded by a combination of equity and debt.
Of the equity purchase price, GE will receive around $500 million for its interest in the joint venture, while SeaCo will get about $528 million. The buyers have arranged a committed debt facility through Deutsche Bank and ING for the acquisition.
Click here for the release from PR Newswire.