General Electric Company (GE) announced that Sumitomo Mitsui Banking Corporation Europe Limited, a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation, has made an agreed offer to acquire GE's European Sponsor Finance business for approximately $2.2 billion. The business is a provider of sponsor finance for European mid-market, private-equity backed transactions.
The company announced that the sale of its Appliances business to Electrolux will not close during the second quarter of the current year. Electrolux and GE continue to work actively with the Department of Justice to endeavor to resolve the remaining items in the clearance process, with the goal of closing the deal in 2015. GE expects an approximate after-tax gain of $0.05-$0.07 per share at closing.
General Electric also announced that it will book a $0.03 per share gain in the second quarter as part of an early settlement related to obligations entered into in the initial NBCUniversal joint venture with Comcast, which was announced in 2011. As a result, GE expects gains to offset restructuring and other charges during the second quarter.
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