Ally completes sale of its units in Europe, Latin America to GM Financial

Article by Christian Andrei, on April 5, 2013

Ally Financial Inc. said that around $2.6 billion has been paid to General Motors Financial Co. in completion of the sale of majority of its operations in Europe and Latin America. In a statement last Tuesday, Ally said that it will acquire around $2.4 billion at closing and about $190 million in dividends before closing.

Ally CEO Michael Carpenter released a statement to say that completion of the transaction signifies a further step in Ally's plans to continue to reinforce its financial profile in moving forward and to concentrate on its core leading U.S.-based franchises. Citing the $17.2 billion in TARP money that the bank got, Carpenter said that Ally continues to be committed to further press on with its strategic plans and to be in the ultimate position to have the investment repaid.

A total of $11.3 billion is still owed. The agreement covers operations in Germany, the United Kingdom, Italy, Sweden, Switzerland, Austria, Belgium, the Netherlands, Mexico, Chile and Columbia. In process now are the sales of operations in France and Brazil and a joint venture in China.

These deals are set to culminate in stages in the later part of this year. To date, Ally has gotten around $6.7 billion from global transactions, which is around 70% of what it hopes to get from the sale of non-U.S. businesses.

Topics: ally financial

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