GE's North American Retail Finance filed for IPO
The IPO is the first step in a planned staged exit from that business. GE currently expects to complete the IPO later in 2014. After completion of the IPO, GE Capital Retail Finance will operate under its new name, "Synchrony Financial," and the registration statement has been filed under that name.
GE currently is targeting to complete its exit from the Retail Finance business through a split-off transaction in 2015. GE may also decide to exit by selling or otherwise distributing or disposing of all or a portion of its remaining interest in the business.
The completion of the IPO and GE's exit from the business are subject to market conditions and receipt of regulatory and tax reviews and approvals, which could delay the IPO or GE's exit from the business.
The joint book-running managers for the IPO are Goldman, Sachs & Co., J.P. Morgan, Citigroup, Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse and Deutsche Bank Securities. ■