KKR, Apollo Global seek to buy GE's inventory finance arm

Fri Sep 11, 2015 4:49pm EDT
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(Reuters) - KKR & Co (KKR.N: Quote) and Apollo Global Management (APO.N: Quote) are seeking to acquire General Electric Co's (GE.N: Quote) inventory finance arm, Bloomberg reported on Friday.

The buyout firms made bids two weeks ago for GE Capital Commercial Distribution Finance, a unit with $11 billion in assets, the report said, citing people familiar with the matter.

Bloomberg said GE could select a buyer for the unit by the end of the month.

GE said in April it would seek to sell some $200 billion of its GE Capital assets as it moves away from financial services and focuses more on manufacturing jet engines, power turbines and other big-ticket industrial equipment.

KKR did not immediately comment, while Apollo declined comment. GE could not be immediately reached for comment.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza)

The logo of General Electric is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015.  REUTERS/Benoit Tessier