Sale of Pacific Retail Finance goes unconditional

Pacific Retail Group (PRG) said today the sale of its Finance Group to GE Finance and Insurance had gone unconditional.

All the regulatory and shareholder approvals have been granted and the deal is due to settle on January 31.

The Commerce Commission gave the green light for the deal last Wednesday.

PRG agreed to sell the Finance Group to GE in November last year for $145 million, and said it would book a $75 million profit from the deal.

PRG said it would use the proceeds from the sale to retire parent company debt.

The Finance Group provides financial products such as hire purchase finance via retailers, as well as personal loans and consumer credit insurance, and retail debenture investments.

- NZPA