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  • GM Asset Sales

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    Chicago Tribune
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    General Motors divested several subsidiaries and assets between 1999 and 2009 to raise a total of $32.08 billion. Some of the major sales included spinning off Delphi Corporation for $7.89 billion in 1999, selling Hughes Electronics to News Corp for $6.59 billion in 2003, and selling Allison Transmission to Onex Corporation and the Carlyle Group for $5.58 billion in 2007. GM also sold its financial services arm GMAC for $7.35 billion in 2006 and its defense division to General Dynamics for $1.1 billion in 2002 to generate capital.

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    General Motors divested several subsidiaries and assets between 1999 and 2009 to raise a total of $32.08 billion. Some of the major sales included spinning off Delphi Corporation for $7.89 billion in 1999, selling Hughes Electronics to News Corp for $6.59 billion in 2003, and selling Allison Transmission to Onex Corporation and the Carlyle Group for $5.58 billion in 2007. GM also sold its financial services arm GMAC for $7.35 billion in 2006 and its defense division to General Dynamics for $1.1 billion in 2002 to generate capital.

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    53 visualizações1 página

    GM Asset Sales

    Enviado por

    Chicago Tribune
    General Motors divested several subsidiaries and assets between 1999 and 2009 to raise a total of $32.08 billion. Some of the major sales included spinning off Delphi Corporation for $7.89 billion in 1999, selling Hughes Electronics to News Corp for $6.59 billion in 2003, and selling Allison Transmission to Onex Corporation and the Carlyle Group for $5.58 billion in 2007. GM also sold its financial services arm GMAC for $7.35 billion in 2006 and its defense division to General Dynamics for $1.1 billion in 2002 to generate capital.

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    General Motors Asset Sales 1999 - 2009

    ($ in millions except per share data)

    Divested / Sold Announcement Transaction Transaction


    Subsidiary Date Business Description Description Value
    Allison Transmission 6/28/2007 Manufacturer of commercial-duty automatic GM sold Allison to Onex Corporation and the Carlyle Group. $ 5,575
    transmissions, hybrid propulsion systems, and
    related parts.
    Isuzu Motors Ltd. 4/11/2006 Manufacturer of commercial vehicles and GM sold its 7.9% holding to a consortium including Mizuho Bank and 302
    diesel engines worldwide. Mitsubishi Corp.
    GMAC 4/6/2006 Diverse financial services arm offering GM sold GMAC to a consortium led by Cerberus Capital Management. 7,353
    automotive finance, mortgage, and insurance
    products.
    Suzuki Motor Corp. 3/6/2006 Manufacturer of motorcycles, automobiles, Suzuki bought back the 3.0% stake it gave to GM in 1981. 1,926
    marine and power products, motorized
    wheelchairs, and electro vehicles and houses.

    Fuji Heavy Industries Ltd. 10/4/2005 Manufacturer of transportation and aerospace- Toyota purchased 8.7% of the 20% stake GM acquired in Fuji 312
    related products Industries. Remaining shares were floated to the public.
    GM Asset Management 8/17/2004 An investment advisor that has $111 billion The Mills Corporation purchased a 50% interest in nine regional mall 1,033
    Corp. assets under management properties from GM Asset Management Corporation.
    Hughes Electronics Corp. 4/9/2003 Provider of digital television entertainment in GM sold its Hughes Electronics subsidiry and its DirecTV service to 6,588
    the U.S. News Corp.
    General Motors Defense 12/19/2002 Manufacturer of light armored vehicles and General Motors Defense was sold by GM to General Dynamics. 1,100
    supporting weapons systems.
    Delphi Corporation 5/28/1999 Supplier of vehicle electronics, transportation GM spun off 80.1% stake in Delphi Corp. to its shareholders. 7,892
    components, integrated systems and modules,
    and other electronic technologies.

    Total $ 32,080

    Notes:
    (a) All comparable information obtained from Capital IQ, a dividion of Standard & Poor's includes announced transactions through January 28, 2009.
    (b) The sale of Unisteel Technology Ltd. is pending regulatory approval.
    (c) The Transaction Value / EBITDA multiple for the U.S. Foodservice transaction was removed from the calculation of the Simple Average and Weighted Average based on Transaction Value
    multiples due to outlier characteristics.

    O'Keefe and Associates 1

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