GE Confirms FGIC is for Sale; Transaction Could Bring in $2 Billion

Piazza, Johanna
May 2003
Bond Buyer;5/1/2003, Vol. 344 Issue 31626, p6
Trade Publication
Speculation is growing that a group led by a mortgage insurance company is the leading candidate to purchase Financial Guaranty Insurance Co. (FGIC), the General Electric Co. unit that was the fourth-ranked insurer in the municipal market in 2002. According to published reports the General Electric Co. (GE) is reportedly in advanced talks to sell the unit to a consortium of buyers led by PMI Group Inc. for more than 2 billion dollars, citing unnamed sources familiar with the situation. General Electric confirmed that the triple-A rated guaranty insurance unit was on sale. Peter Stack, spokesman for GE, said that the only verifiable information is that GE is indeed looking to sell FGIC, but refused to answer questions regarding potential buyers. The sale has been rumored for months.


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