Hogan Lovells advised long-time client General Electric (GE) in connection with its agreement to sell its health care financial services business unit to Capital One Financial Corp. for approximately US$9 billion.

GE’s Healthcare Financial Services unit provides financing to U.S. healthcare companies, sponsors, investors and developers across various healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals, and medical devices. The deal is expected to greatly strengthen Capital One’s healthcare lending business.

This transaction is another step in GE's plan to excise most of its financial services business to focus on its leading industrial businesses. Under the plan, GE expects to reduce total ending net investment (ENI) by approximately US$100 billion by year end.

Hogan Lovells Corporate partners Paul Manca and Michael Gilligan, along Finance partner Deborah Staudinger, led the multidisciplinary team advising GE Healthcare with assistance from Warren Gorrell, Allen Hicks, and other partners, counsel, and associates from the corporate, employment, environmental, finance, intellectual property, litigation, real estate, and tax groups.