General Electric is near a deal to sell its private equity lending unit to the Canada Pension Plan Investment Board (CPPIB), a person familiar with the matter said, as the conglomerate takes a big step in a planned massive pullback from its finance operations.
The deal with the CPPIB, Canada's biggest pension fund, is expected to include GE's Antares Capital business, a middle-market lender for private equity- backed transactions, the source said. It does not, however, include all of GE's U.S. sponsor finance business, such as the joint venture with Ares Management, the source added.
GE and the CPPIB are aiming to sign the deal on Monday, the Wall Street Journal first reported on Sunday, citing people familiar with the matter. Terms are still being negotiated for a takeover that would include more than $10 billion of assets but less than the unit's full book of $16 billion, the newspaper added.