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GE to spin off part of North American finance unit via IPO

Friday, 15 Nov 2013 | 9:14 AM ET

NORWALK, Conn., Nov 15 (Reuters) - General Electric Co said on Friday it would spin off part of its North American retail finance business in an initial public offering next year.

GE said it plans to float about 20 percent of the retail finance unit in the IPO.

The company said it plans to exit the retail finance business entirely by 2015 by making a tax-free distribution of its remaining stake to GE stockholders, in exchange for GE common shares.

Shares of GE rose 0.9 percent to $27.22 in premarket trading on Friday.

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