According to an exclusive Reuters report, GE is in advanced talks to sell a specialty finance portfolio, worth more than $30 billion, to Wells Fargo & Co, according to a person familiar with the matter.
According to the Reuters report, Wells Fargo has so far outbid other parties for General Electric's vendor financing, commercial distribution finance and direct lending assets, the person with direct knowledge of the situation said on Friday. A deal could be announced by the time Wells Fargo publishes its third-quarter earnings on Wednesday, the person added, cautioning that the negotiations were ongoing and could still fall apart.
The source asked not to be identified because the matter is confidential. GE and Wells Fargo representatives declined to comment.
Read the full exclusive Reuters report - GE Nears Deal to Sell Over $30B of Loans to Wells Fargo