SMFG agrees to buy GE's Japan leasing unit for $4.8b
Sumitomo Mitsui Financial Group (SMFG) has agreed to buy GE Capital’s Japan leasing business for JPY575 billion ($4.8 billion) as parent company General Electric continues to pare its assets.
The Japanese company said in a statement that it would acquire three businesses covering equipment and asset leasing, small-ticket leasing and automotive leasing. The total asset value amounted to JPY510 billion for the year ended December 2014. Five leasing-related subsidiaries are also part of the deal.
This is the latest in a string of divestments by GE as it looks to move away from consumer finance and focus on industrial businesses. It wants to reduce the financial services share of revenues to 25% from 42% in 2014.
Two transactions have already been announced in Australia. First, KKR, Värde Partners and Deutsche Bank bought GE Capital's consumer lending unit in Australia and New Zealand for an enterprise valuation of A$8.2 billion ($6.3 billion). Then Sankaty Advisors agreed to take over the commercial lending and leading portfolio for those two markets, which are worth A$2 billion.
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