News & Announcements

Weil Advises General Electric in its $30 Billion Sale of its Commercial Lending and Leasing Businesses to Wells Fargo

Weil is advising longtime client General Electric in connection with its $30 billion sale of GE Capital’s global Commercial Distribution Finance, North American Vendor Finance and Corporate Finance platforms to Wells Fargo & Co. The sale includes an ending net investment of approximately $30 billion (about $32 billion of assets) and approximately 3,000 employees. The transaction is expected to close in the first quarter of 2016. It is expected to be completed in the first quarter of 2016. Other terms of the transaction were not disclosed.

Weil has advised GE on a number of deals as part of its previously announced strategic plan to sell most of GE Capital’s assets, including its sale of General Electric Railcar Services LLC to Wells Fargo & Co., the sale of its tank car fleet assets and railcar repair facilities to Marmon Holdings, Inc.; the $6.9 billion sale of its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corporation; and its sale of its European fleet businesses to Arval Service Lease S.A.

The Weil team advising GE was led by M&A partners Jon-Paul Bernard and William Gutowitz and includes Technology & IP Transactions partner Charan Sandhu; Cybersecurity, Data Privacy & Information Management partner Randi Singer; Environmental head Annemargaret Connolly; Real Estate partner Samuel Zylberberg; Structured Finance head Frank Nocco; Tax partner Chayim Neubort; Environmental counsel Matthew Morton; Real Estate counsel Elliot Ganchrow; Executive Compensation & Benefits counsel Steven Margolis; M&A associates Dawn Kim, Richard Frye, Jesse Sacks and Kevin Kitson; Business Finance & Restructuring associate Debora Hoehne; Technology & IP Transactions associates Caroline Geiger, Mary Lentowski, Lauren Springer and Emilie Williams; Litigation associate Elisabeth Sperle; Real Estate associate Anne Catherine Podolsky; Structured Finance associates Shawn Kodes and Maia Pelleg; Tax associates Eric Remijan and Scott Fryman; and Executive Compensation & Benefits associate Jennifer Britz.

The U.K. team was led by M&A partner Michael Francies and includes Banking & Finance partner Reena Gogna; and Corporate associates Trina Bose, Hein Visser and Manjinder Tiwana.