GE sells Japan leasing business for $4.8B

General Electric has agreed to sell its Japanese leasing business to Sumitomo Mitsui Financial Group for $4.8 billion.

Under the terms of the deal expected to close in April, Mitsui Financial's gains GE's commercial lending and leasing business in Japan, including capital finance, fleet service and vendor finance. Its total assets are roughly $4.2 billion.

The deal is part of GE's plan to sell $200 billion worth of assets of its finance arm, GE Capital. The company expects the plan to be mostly complete by the end of 2016.

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