GE Capital has sold its Australia and New Zealand loans business for $8.2 billion to Deutsche Bank and private equity firms Varde Partners and KKR.
The purchase, the biggest private equity sale in Australia since the GFC, comes with three million customers.
General Electric has been selling off its financial businesses so it can focus on its industrial and engineering businesses.
GE Capital local lending includes arranging finance for customers of Harvey Norman
Duncan Berry, GE Capital’s Australia and New Zealand CEO, said: “We are delighted to have signed this agreement with a well-respected consortium of businesses. Consumer finance has been a great business for GE and is well positioned for further growth.”
Several players were said to have tried to buy the business. These include Macquarie Group, Pepper Group, and a TPG Capital alliance which included Blackstone and Flexigroup .
KKR director Ed Bostock said: “GE Capital is one the most respected providers of consumer finance in Australasia. They are led by a strong management team with an outstanding track record of partnering with leading retailers.”