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General Electric plans to sell SeaCo venture to HNA Group
2 August 2011: General Electric Company (GE) and a partner have consented to sell shipping-container lessor GE SeaCo for $1.05 billion (approx Rs 4,672.5 crore) to the HNA Group Co and Bravia Capital.
GE will receive about $500 million (approx Rs 2,225 crore) from the deal, which includes some assets owned by the company and SeaCo that are managed by GE SeaCo. SeaCo will get about $528 million (approx Rs 2,349.6 crore).
HNA Group and Bravia plan to expand the container lessor's fleet "significantly" over the next two years, according to the statement, as rising shipments of Asian-made goods to Europe and the US boosts demand for cargo-boxes.
Source: Business standard