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- Capital One Financial Corp (COF.N) and Apollo Global Management (APO.N) have bid for General Electric Co’s (GE.N) health-care finance unit, which could fetch more than $11 billion, Bloomberg reported.
- Initial bids for the unit which offers mortgages and business loans to health-care providers were due June 18, Bloomberg reported, citing people with knowledge of the matter. The next round of bidding is due in early July.
- Fairfield, Connecticut-based GE also received offers from Ares Management LP (ARES.N) and Ventas Inc (VTR.N), Bloomberg reported.
- GE is working with JPMorgan Chase & Co (JPM.N) on the sale and may select a buyer by the end of July.
- GE announced plans in April to sell $200 billion worth of finance assets as it focuses on the manufacturing of industrial products.
- An Ares Management spokesman said the company’s policy was to not discuss any action it may or may not be contemplating.
- The other companies could not be reached for comment outside regular business hours.
- Source: Bloomberg
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