6 September, 2016
Shearman & Sterling & Shardul Amarchand Mangaldas advised General Electric Corporation (GE) on the sale of its commercial lending and leasing businesses in India, GE Capital Services India (GE Capital) and GE Money Financial Services Private Limited (GE Money), to a consortium of former GE Capital management backed by AION Capital Partners. Cyril Amarchand Mangaldas and Allen & Overy advised former GE Capital executives Pramod Bhasin and Anil Chawla’s fund Plutus Financials and Aion Capital Partners.
Both GE Capital and GE Money offer services including corporate loans and equipment leasing, as well as financings for healthcare equipment, aircraft and auto lease in India. The buying consortium comprises former GE Capital executives Pramod Bhasin and Anil Chawla and AION Capital (a joint venture between ICICI and Apollo).
The completion of the sale of GE’s commercial lending and leasing businesses in India marks an important step for this strategic global divestment, allowing GE to focus on its core manufacturing business.
The Shearman & Sterling team is led by partner Sidharth Bhasin and associate James Clayton-Payne (both Singapore-M&A). Other lawyers involved in the transaction included partners Korey Fevzi (London-Finance), Simon Letherman (London-Tax), and Jeremy Kutner (London-M&A), with support from counsel Sam Whitaker (London-Employment), and Gabriel Ng (London-Tax), Elizabeth Emerson (London-Tax), Paul Pasalic (London-M&A), Brian Butterwick (London-M&A), and Isla Smith (London-M&A).
