Fleet News

GM completes £8bn sale

GENERAL Motors has completed the sale of a controlling stake in its financial services division, which owns UK-based fleet management company Masterlease, in a multi-billion pound deal.

The deal for a 51% controlling stake in General Motors Acceptance Corporation (GMAC) is worth $14 billion (£8 billion).

A consortium that includes hedge fund Cerberus Capital Management and the private equity unit of Citigroup has bought the stake.

GM chairman and chief executive officer Rick Wagoner said: ‘This transaction will result in a stronger GMAC, with enhanced access to funding at lower costs and greater opportunities for growth, including leveraging their traditionally strong relationships with GM dealers.’

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