GE to sell private equity lending unit to CPPIB in $12 bln deal

GE said Tuesday that it has agreed to sell its U.S. Sponsor Finance business plus a $3 billion loan portfolio to Canada Pension Plan Investment Board (CPPIB). The transaction is valued at $12 billion. The deal includes Antares Capital, GE Capital’s lending business to private equity-backed middle market companies. Antares will operate as a stand-alone business led by managing partners David Brackett and John Martin. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. provided financial advice.


peHUB First Read

First Read starts your week with news that GE launches sale of commercial lending operations valued at $40 billion, Microsoft’s Window 10 is set to be released on July 29 and “San Andreas” opens big at the box office with $53.2 million.

GE capital

GE limits bidders for sponsored finance business to 12

General Electric has sent out nondisclosure agreements (NDAs) to potential bidders of its sponsored finance business, which includes Antares, three sources said. The company is limiting the field to 12 interested buyers, sources said.

charles darwin stamp shutterstock_115195435

Deaths of the unfit outnumber survival of the fittest

There are 45 healthcare companies in the Fortune 500. History says some 86 percent of them are doomed to obscurity if they don’t learn how to adjust to life after the giant asteroid hits earth, also known as full implementation of the Affordable Care Act.

VC-backed GMZ Energy names business development VP

GMZ Energy has hired Scott Rackey as vice president of business development. Previously, Rackey was CEO of four energy startups. Based in Waltham, Mass. GMZ is a developer of high temperature thermoelectric generation solutions. Its backers include Kleiner Perkins Caufield & Byers, BP Alternative Energy, I2BF, Mitsui Global Investment and Energy Technology Ventures (a joint venture between General Electric, NRG Energy and ConocoPhillips).

News Corp Chairman and CEO Rupert Murdoch listens to a question at the "The Economics and Politics of Immigration" Forum in Boston

peHUB Second Opinion

In Second Opinion, Rupert Murdoch’s 21st Century Fox’s $80 bln bid for Time Warner is rejected, Murdoch really wants HBO pretty bad, Amazon is testing “Kindle Unlimited” and smoking pot can occasionally make you paranoid.

fathers day

peHUB Second Opinion

In Second Opinion, CEO Mickey Drexler has amassed more than $350 million from the LBO of J. Crew, only 2 percent of LinkedIn employees are black and another exec leaves Twitter. Happy Father’s Day everyone!

ThetaRay gets backing from Poalim Capital Markets

Poalim Capital Markets, the investment banking arm of Bank HaPoalim, has backed startup ThetaRay, which specializes in protecting critical infrastructure. ThetaRay was founded by two renowned mathematicians, Prof. Amir Averbuch of Tel Aviv University, and Prof. Ronald Coifman of Yale, and its beginnings can be traced to the JVP Cyber Labs incubator. ThetaRay has also received investments from JVP and GE.


GE Unveils Big Data-Related Challenge to Improve Aviation, Health Care Industries

At its “Minds and Machines” conference in San Francisco, GE announced today its “Industrial Internet Quests” challenge to developers and data scientists to create new algorithms and design applications to reduce air travel delays and improve the patient experience. Winners of the challenge will receive a $600,000 stake for mining data and developing solutions for productivity.

NanoString Technologies Appoints New CFO

NanoString Technologies, a provider of life science tools and developer of molecular diagnostics, has appointed James A. Johnson as the company’s new chief financial officer. Johnson assumes this role from Wayne Burns who will remain with the company in his new position as senior vice president, operations and administration. NanoString Technologies is backed by GE, BioMed Ventures, Clarus Ventures, Draper Fisher Jurvetson and OVP Venture Partners.

Slideshow: Where the Biotech & Device Investors Are–Q4 Edition

Lately, there’s been a whole lot of bemoaning of this and that to explain why VCs are abandoning the biotech and device space and why strategics are slowing early-stage funding. Lawmakers and regulators have made it too tough to IPO. Lawmakers and regulators have made it too tough to get anything approved at the FDA. […]

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