NEW YORK (AP) -- General Electric Co. will sell its SeaCo. joint venture to HNA Group and Bravia Capital for $1.05 billion, the company said Monday.
GE will receive approximately $500 million and SeaCo Ltd. will receive approximately $528 million.
HNA Group is a Chinese conglomerate that owns operates Hainan Airlines, China's fourth-biggest airline, as well as a number of other businesses. Bravia Capital is a Hong Kong-based private equity and advisory firm.
The acquisition is being funded by a combination of stock and debt. It's subject to regulatory and shareholder approval.
GE SeaCo is one of the world's leading marine container leasing companies. Formed in 1998, GE SeaCo is co-owned by GE's finance arm, GE Capital, and SeaCo Ltd. The operation is based in Singapore. GE Capital has been shedding businesses over the last several years as it recovers from booking billions of dollars in losses and impairments during the recession.