Boeing Capital Corp., aerospace giant Boeing Co.'s financing arm, announced an agreement Monday to sell its commercial finance portfolio to a General Electric Co. subsidiary for about $2 billion in cash.
The acquisition by GE Commercial Finance, based in Stamford, Conn., includes secured loans as well as financing and operating leases on such equipment as corporate jets, machine tools, printing presses and marine vessels.
Boeing said the portfolio of loans and leases had been successful, but the Chicago-based company had signaled its intention this year to pull out of non-aerospace markets.
The two sides said the transaction was expected to be completed in the second quarter.
Boeing Capital, based in Seattle, will still have a customer financing portfolio of about $10 billion, mostly for Boeing commercial jets. Its other major group, financing for space and defense customers, involves military equipment, satellites and launch vehicles.