Decision time nears for GE Antares

Bids for the PE-lending unit are expected to come in today from Apollo, Ares, CPPIB, Guggenheim Securities and KKR.  

The GE Antares business, which focuses on mid-market private equity-sponsor backed lending and is on the block as part of the general GE Capital sell-off, is expected to receive bids from four alternative investment firms and a Canadian pension fund today. Those vying for the business include Apollo Global Management, Ares Management, Guggenheim Securities, KKR and the Canada Pension Plan Investment Board (CPPIB), according to The Wall Street Journal and other publications.

This unit could be sold for as much as $17 billion, making it one of the largest US finance deals in recent history, and a decision could be reached next week. The GE Antares business acted on $24 billion over 200 transactions last year, as PDI previously reported. The group works on the Senior Secured Loan Program (SSLP) partnership with Ares, which has previously said it’ll seek a new partner for the program, tie up with a firm that acquires the portfolio, or wind down the program if no suitable candidate is found.

General Electric chief executive Jeff Immelt announced in April that the company would be selling off most of GE Capital. He recently said he expects to gain $20-$30 billion more in sales from various GE units before the end of next month.