FAIRFIELD, CT and SAN FRANCISCO—GE on Tuesday announced its largest transaction to date in its sell-off of its GE Capital operations, agreeing to sell GE Capital’s $30-billion global Commercial Distribution Finance, North American Vendor Finance and Corporate Finance platforms to Wells Fargo. Covering sectors that include construction and retail along with logistics and equipment leasing, the deal encompasses about $32 billion of assets and 3,000 employees worldwide. Terms were not disclosed.

Calling it “a critical step in our efforts to reduce the size of GE Capital,” Keith Sherin, GE Capital’s chairman and CEO, says his group has signed more than $126 billion in transactions in the past six months, “which is over 60% of our overall plan.” GE Capital, he adds, is “on track to become less than 10% of GE’s earnings as the company transitions to a more focused digital industrial company.”

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