The transaction includes auto finance operations in Germany, the U.K., Austria, France, Italy, Switzerland, Sweden, Belgium, the Netherlands, Luxembourg, Brazil, Mexico, Colombia and Chile, as well as a 40 percent equity stake in a joint venture in China. The combined operations in Europe and Latin America represented approximately $16.1 billion in assets at the end of the third quarter 2012.In October, Ally announced agreements to sell its Mexican insurance subsidiary, as well as its auto finance and deposit businesses in Canada. With the agreement to sell the operations in Europe, Latin America and the joint venture stake in China, Ally will have effectively exited the international markets. In total, these transactions are expected to generate proceeds of approximately $9.2 billion, based on third quarter 2012 tangible book value of $7.6 billion, which reflects a premium of approximately $1.6 billion, or 21 percent.
Ally Financial Announces Agreement To Sell Remaining International Operations
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