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Apollo to Buy $1 Billion of Energy Investments From GE Capital
By Rick Clough
General Electric Co. agreed to sell about $1 billion of equity investments to Apollo Global Management as the downtrodden manufacturer extends a push to slim down and shed finance assets following a surprise CEO change.
The portfolio includes about 20 investments in renewable energy and other U.S. power assets held by the energy financial services unit of GE Capital, the companies said Monday in a joint statement. Financial details of the transaction, including the purchase price, weren’t disclosed.
The deal underscores GE’s efforts to rein in its once-vast finance business and narrow its focus on manufacturing industrial equipment.