After the deal, GE Capital will no longer be a separate unit of General Electric. Its remaining business — Energy Financial Services (EFS) and an insurance business which was already being wound down, will be reported as part of its corporate operations.
“Today marks GE’s transformation to a more focused, simpler, and stronger industrial company,” said GE CEO Larry Culp, who just two years ago told investors the company had “no plans to sell GECAS.”
End of an era
The effective end of GE Capital is the end of an important era for the former conglomerate.