GE GE Aerospace

  By Austen Hufford 
 

General Electric Co. (GE) said Monday it agreed to sell 23.3% of Hyundai Capital Services to Hyundai Motor Co. (005380.SE) and Kia Motors Corp. (000270.SE) and plans to sell its remaining 20% stake in the 11-year-old joint venture in the coming months.

The move comes as GE has refocused on its core industrial assets, selling billions of dollars worth of its financial businesses. GE had signed or closed deals to sell finance businesses with assets totaling $154 billion through last week, a spokeswoman for its GE Capital unit said. The company has a goal of unloading $200 billion in finance assets.

Hyundai Capital Services is a South Korean consumer finance company which provides auto loans and leases, personal loans and mortgages.

The deal represents about $900,000 in ending net investment, an in-house metric the company uses to measure the size of its financial businesses. The transaction is slated to close in April.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

December 22, 2015 07:30 ET (12:30 GMT)

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