HNA Group, the China based company has entered into an agreement with General Electric Co's finance unit as to the purchase of the latter's leasing and rental business. This is the latest of the many moves that the company is undertaking to examine the full range of strategic options available for GE Capital.
The sold business under the name of TIP Trailer Services currently operates a network of 48 branches located in 18 different European countries. It has over a hundred rental locations and has a transport fleet of about 45,000 units.
Aside from the aforementioned details, no other financial provisions were disclosed.
This sale comes after GE Capital had divested itself of a portfolio of properties worth about US$807 million to American Realty Capital Properties Inc. In another sale, it had also transferred its Canadian portfolio to Element Financial Corp for a reported Can$570 million or US$542 million.
The divestments and sales comes in the midst of GE CEO Jeff Immelt's restructuring program. One of the next moves is the conduct of an IPO for parts of GE Capital.
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