In addition, GE closed the sale of a $3.7 billion portfolio of loans from its UK home lending business to Kensington Mortgage, a company controlled by Blackstone Tactical Opportunities and TPG Special Situation Partners. The deal was valued at $8.5 billion, and will be finalized by the year end, subject to regulatory approval.

Commenting on the sale, GE Capital chairman and CEO Keith Sherin said: “We are pleased to complete the sale of the European Sponsor Finance business to SMBCE”.

This is yet another step in GE’s plan to sell off most of its GE Capital in order to focus on its industrial businesses.

Counting the UK home lending portfolio, GE Capital asset sales announced this year has reached a whopping $90 billion. However, the unit’s rising funding costs nearly sank the entire company during the 2008 financial crisis.

It can be said that GE may achieve its target to sell around $100 billion worth of financial assets, before its scheduled timeline of the current year end. It offers deposit taking, lending, securities retail sales and trading, securities investment, and fund transfers. (GS – Analyst Report).

GE Capital once accounted for almost half of GE’s profit. The transaction represents ENI of roughly $9 billion.

The stock price growth can also be attributed to GE’s announcement yesterday, when it placed a bid to acquire Halliburton’s drilling assets.

GE presently carries a Zacks Rank #3 (Hold).