GE Unloads Billions Of Dollars Of Assets To Private Equity

| About: General Electric (GE)

Summary

Cerberus buying GE Money Bank’s French business.

Taomee successfully went private after a 30% return.

I misunderstood Trump’s meaning of “self-funding”.

Welcome to the redundant issue of M&A Daily

General Electric

Cerberus is buying General Electric's (NYSE:GE) GE Money Bank. Cerberus beat out other bidders had included CVC Capital and JC Flowers. The target has seven billion Euros of assets in consumer credit and property loans. The unit employs 850 people. GE is refocusing on its industrial business. Cerberus will have to decide if the "Money Bank" name is sort of redundant.

Rouse

Rouse (NYSE:RSE) holds its shareholder vote today for its acquisition by Brookfield Asset Management (NYSE:BAM).

Northern Tier

Northern Tier (NYSE:NTI) holds its shareholder vote today for its acquisition by Western Refining (NYSE:WNR). The $0.24 arbitrage spread offers an 18% IRR if the deal closes tomorrow (as of this writing… clearly re-check by the time you read this).

du Pont

The Dow (NYSE:DOW) acquisition of du Pont (NYSE:DD) was notified to the EC. The Phase 1 review expires July 28.

Cigna

Anthem (NYSE:ANTM) will continue to work closely with Congress. Management also notes the limited geographical and product overlap between it and Cigna (NYSE:CI). The arb spread is $40.80.

ITC

ITC (ITC) shareholders approved the acquisition by Fortis (OTCPK:FRTSF).

Fairchild

The tender offer expires tonight for the ON (NASDAQ:ON) acquisition of Fairchild (NYSE:FCS).

FormFactor

Cascade (NASDAQ:CSCD) holds its shareholder vote today for its acquisition by FormFactor (NASDAQ:FORM).

Apollos

The Apollo Education (NASDAQ:APOL) acquisition by Apollo Global (NYSE:APO) has been approved by regulators in Austria. The $0.85 arb spread offers an 18% IRR if the deal closes by yearend. More to come in future editions of M&A Daily

Done Deal

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YCharts

Well done and thank you, Dane Capital, for this great investment idea. For his next trick, I recommend Likely ASE-Silconware Merger Should Put ChipMOS In Play (NASDAQ:IMOS).

Elsewhere on Seeking Alpha

Beyond Seeking Alpha

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Disclosure: I am/we are short SCTY, TRUMP.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. We invest with a margin of safety by buying securities at discounts to their intrinsic value and unlocking that value through corporate events. To maximize returns for our investors, we reserve the right to make investment decisions regarding any security without notification except where notification is required by law. We manage diversified portfolios with a multi-year time horizon. Positions disclosed in articles may vary in sizing, hedges, and place within the capital structure. Disclosed ideas are related to a specific price, value, and time. If any of these attributes change, then the position might change (and probably will).

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