ge, leading, gecis
GE completes partnership with leading investors to create an independent Gecis
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General Electric and two leading private-investment firms, General Atlantic Partners and Oak Hill Capital Partners, completed their previously announced transaction under which the two firms acquired a majority interest in Gecis (previously GE Capital International Services), GE's global business-processing operation. GE received cash proceeds of approximately $500 million and retains a 40% stake in Gecis.
"We are pleased to complete this transaction and set Gecis on its course as an independent company with great opportunities for global growth," said GE Senior Vice President and Chief Financial Officer Keith S. Sherin.GE also confirmed that it remains comfortable with previously issued guidance for earnings per share of $1.57-$1.60 for 2004 and $.48-$.51 for the fourth quarter, with earnings growth in the fourth quarter of 13-20%.
Gecis is one of the largest shared-service providers in the world, employing more than 17,000 professional staff. As a recapitalized, independent company, Gecis plans to offer its services to companies in the Americas, Europe, and Asia, where it already has operations. Gecis will continue to serve GE under a multiyear contract.
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