By Rhiannon Hoyle
SYDNEY--Wesfarmers Ltd. (WES.AU) said it would acquire General
Electric Co.'s (GE) 50% stake in the pair's credit-card joint
venture, after GE last month announced plans to sell its Australian
consumer-lending operations.
Wesfarmers said GE had issued credit cards under Wesfarmers'
Coles brand in Australia for two decades. In April, GE said it
would separate from the bulk of GE Capital, its giant finance
business, in the conglomerate's most significant strategic move in
years.
On Monday, Wesfarmers said the acquisition would initially be
funded from existing debt facilities, adding that further financing
arrangements were likely to be introduced later, without
elaborating. The deal is expected to be completed before the end of
June, it said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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