Industrial conglomerate General Electric’s decision to divest its finance business, GE Capital, will not affect its corporate venturing unit, a representative confirmed to FierceMedicalDevices on Monday.
GE revealed its decision to sell GE Capital last week, and Blackstone Group and Wells Fargo have already agreed to acquire the majority of the unit’s real estate and loans assets for $23bn.
The sale will also include GE’s corporate, life science and real estate finance arms. GE intends to refocus on its core activities through the sell-off, but GE Ventures, its corporate venturing unit, will be unaffected as it is situated within GE corporate.
A spokesperson told FierceMedicalDevices in an email: “We remain committed to GE Ventures as an integral part of GE’s commitment to high growth innovation.”
GE will sell off the different parts of GE Capital over the next two years and put the money into share buybacks and dividends for its shareholders.