(Reuters) — 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.
GE is working with JPMorgan Chase & Co (JPM.N) on the sale and may select a buyer by the end of July, Bloomberg said.
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.