The New York-based alternative asset manager has met with lenders to secure about $30 billion in financing to purchase GE Capital Aviation Services as potential buyers circle one of the ailing manufacturer’s crown jewels, said the people, who asked not to be identified because the matter isn’t public.
No deal is imminent and GE may opt to keep the business, they said. The unit has drawn interest from other potential buyers, they said.
GE shares rose as much as 5.1 percent in late trading in New York.
Representatives for GE and Apollo declined to comment.
The leasing unit, known as GECAS, sits alongside Dublin-based AerCap Holdings NV as the world’s top plane lessors. GE has a fleet of almost 2,000 aircraft valued at about $40 billion, according to the company’s website. It’s also a significant player in the helicopter market after its $1.8 billion acquisition of Milestone Aviation Group Ltd. in 2015.
A sale would raise considerable capital for cash-strapped GE and accelerate the dismantling of GE Capital, the financing arm that once accounted for half of the parent company’s profit. GE is also taking steps to spin off its health-care unit, Bloomberg has reported, to narrow its focus on building jet engines and power equipment.
Aircraft leasing has remained a key business for GE even as it has pulled back from most other finance markets. GECAS generated $271 million in profit in the third quarter, while GE Capital overall earned just $59 million.
Apollo is already familiar with aircraft leasing. The investment firm, a regular GE suitor that has bought an energy investment portfolio and other assets from the company, already owns Merx Aviation, a lessor started in 2012.
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https://finance.yahoo.com/video/ge-maki ... 00861.html
Apollo Global Management LLC is working to line up financing to buy GE’s jet-leasing unit, which could be valued at as much as $40 billion, Bloomberg reported after the close of trading Jan. 4. A deal isn’t imminent, and GE hasn’t even committed to sell the operation, but a number of potential buyers are now angling for GE Capital Aviation Services, the crown jewel of GE’s finance operations.
The interest suggested that new Chief Executive Officer Larry Culp could make sweeping changes to resuscitate the Boston-based company, which has wiped out more than $200 billion of investor wealth in the past two years. The executive took the helm in October following the surprise ouster of John Flannery, who failed to stem a stock collapse during his 14 months as CEO.
A deal would raise considerable capital for the cash-strapped company and accelerate the dismantling of GE Capital, the financing arm that once accounted for half of the parent company’s profit. GE also is taking steps to spin off its health-care unit, Bloomberg has reported, to narrow its focus on building jet engines and power equipment.
Culp “is really trying to move decisively to make sure that this risk reduction and resolution phase is going to hit big and loud,” said Nicholas Heymann, an analyst at William Blair & Co. If the new boss can pull off a big asset sale, “it is likely to lead to a light-switch change of the market’s perception of GE’s embedded risk, or lack thereof.”
While Culp has yet to lay out a comprehensive turnaround plan, the initial steps have buoyed the stock. As of Friday’s close, GE had gained more than 20 percent since Dec. 12, the recent nadir. It still has a long way to go for a full recovery, after falling 57 percent last year and 45 percent in 2017.
The shares climbed 4.6 percent to $8.61 at 11:28 a.m. Monday in New York.
https://uk.finance.yahoo.com/news/ge-ju ... 46223.html
https://finance.yahoo.com/news/exclusiv ... 56270.html
Momenteel 11.43 (voorbeurs)
(Adds details on the biopharma unit)
Feb 25 (Reuters) - General Electric Co GE.N said on Monday
it was selling its biopharma business to Danaher Corp DHR.N
for $21.4 billion, the company's biggest asset sale since it
announced plans to break up the conglomerate last June.
The company's shares rose 12 percent in response.
The biopharma business, part of its life sciences unit,
generated revenue of about $3 billion in 2018. It makes
instruments and software that support the research and
development of drugs.
"A more focused portfolio is the right structure for GE, and
we have many options for maximizing shareholder value along the
way," Chief Executive Officer Lawrence Culp said.
The other business housed in the life sciences unit, which
makes molecular imaging consumables for radiology customers,
will remain within the company's healthcare portfolio, GE said.
Danaher develops technology for the dental, life sciences,
diagnostics and environmental industries.
Van de eerste reactie van de bank viel mijn broek af:
Bij spin-offs krijg je helaas deze situatie. Eigenlijk niks aan te doen.
Maar na blijven zagen gaan ze het verder bekijken.
Iemand waar het niet werd afgehouden of die het al terugbetaald kreeg?
Beleggers die bij de afsplitsing van een bedrijf nieuwe beursgenoteerde aandelen krijgen, moeten daarop geen roerende voorheffing meer betalen.
Het wetsvoorstel bepaalt dat spin-offs zijn vrijgesteld van belasting vanaf 1 januari 2019. Als dit jaar toch al roerende voorheffing is betaald op spin-offs kunnen de beleggers of de banken die taks terugvorderen via een bezwaarschrift.
bertje schreef:Slecht nieuws:
De Belgische fiscale administratie heeft aan Febelfin bevestigd dat de spin off General Electric niet voldoet aan de voorwaarden van de nieuwe wet. de bank zal bijgevolg geen bezwaarschrift indienen voor haar klanten om de aangerekende RV terug te vorderen.
Tis bij mij nog straffer :/
RV ingehouden, maar (nog) geen aandeel gekregen in wabtec ....
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