GE to Sell Asset Management Unit to State Street for Up to $485M

General Electric said Wednesday it is selling its asset management unit to State Street for up to $485 million.
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General Electric Co. (GE) - Get Report said Wednesday it is selling its asset management unit to State Street Corp. (STT) - Get Report for up to $485 million. GE previously said in September it would explore opportunities to sell GE Asset Management to another investment management firm. The sale of the unit is part of GE's broader effort to reduce the size of its financial businesses as the company focuses on its industrial core. GE is divesting most of GE Capital and as part of that effort, the company last year signed $157 billion in transactions and closed transactions of $104 billion in ending net investment. Meanwhile, as TheStreet's James Passeri notes, the company has counterbalanced sales with industrial mega-deals, such as last fall's $10 billion acquisition of French turbine-maker Alstom SA's grid businesses-GE's largest purchase in history.