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News Apr 05, 2016

Shearman & Sterling Advises GE on Sale of GE Asset Management to State Street Corp.

Shearman & Sterling is advising General Electric Co. (GE) on the sale of GE Asset Management Inc. (GEAM) to State Street Corp for up to $485 million. 

This sale is part of GE’s transformation to focus on its industrial core and will bring GEAM’s capabilities to State Street Global Advisors (SSGA), enhancing SSGA’s investment expertise in areas complementary to its existing capabilities. It is expected to increase SSGA’s assets under management by approximately $100 billion, as it assumes responsibility for managing the assets related to GE’s primary benefit plans currently managed by GEAM in addition to those of GEAM’s third-party client base, subject to client consents.

The sale is contingent upon regulatory approvals and other customary closing conditions, and is expected to be completed in the third quarter of this year. 

The Shearman & Sterling team included partners John Marzulli, Rory O'Halloran (both New York-Mergers & Acquisitions), Jordan Altman (New York-Intellectual Property Transactions/Mergers & Acquisitions), Ethan Harris (Washington, DC-Tax), Doreen Lilienfeld (Compensation, Governance & ERISA) and Nathan Greene (New York-Investment Funds); counsel Thomas Majewski (New York-Investment Funds); and associate Aselle Kurmanova (New York-Mergers & Acquisitions).