GM Announces Sale of Equity Stake in Ally Financial
Detroit – General Motors Co. completed the sale of its 8.5 percent common equity ownership in Ally Financial Inc. for total proceeds of approximately $0.9 billion.
In association with this transaction, GM expects to record a gain of approximately $0.5 billion, which will be treated as a special item in the fourth quarter of 2013.
“This transaction releases capital from a non-core asset and further enhances our financial flexibility,” said Dan Ammann, GM executive vice president and chief financial officer. “Ally continues to play an important role in financing our dealers and customers in the United States.”
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