GE said on Thursday it had signed a memorandum of understanding with Banque Federative du Credit Mutuel for the potential sale of its Equipment Finance and Receivable Finance businesses in France and Germany.
The transaction, which is still subject to regulatory approval and anti-trust examinations, would end a net investment of $7.5 billion for the company.
The plan to sell the division was announced in April, when GE presented a restructuring plan that aims to shed most of its finance unit and return as much as $90 billion to shareholders.
When announced the plan the company said it wanted to become a “simpler” industrial business instead of a hybrid that combines banking and manufacturing.
Analysts have welcomed the change in strategy, which allows GE to focus on its core businesses.