General Electric to sell 43% stake in Hyundai Card Co.Staff Writer | February 1, 2017
General Electric (GE) has signed an agreement to sell its 43% stake in Hyundai Card Co. (HCC) to Hyundai Commercial, Affinity Equity Partners, GIC and AlpInvest to exit its entire 43% ownership in HCC.
Acquisition A joint venture between GE and Hyundai
Affinity is a leading private equity investor focusing on pan-Asia region. GIC is a sovereign wealth fund established by the government of Singapore and AlpInvest is a leading global private equity investor.
The transaction represents aggregate GE ending net investment (ENI) of approximately US$1.3 billion as of the end of the fourth quarter 2016. The transaction is expected to close around the end of February 2017. ■