Boeing’s finance arm sells portfolio to GE for $2 billion

CHICAGO — Boeing Capital Corp., the aerospace giant’s financing arm, announced an agreement Monday to sell its commercial finance portfolio to a General Electric Co. subsidiary for about $2 billion in cash.

The acquisition by GE Commercial Finance, based in Stamford, Conn., includes secured loans as well as financing and operating leases on such equipment as corporate jets, machine tools, printing presses and marine vessels.

Boeing said the portfolio of loans and leases had been successful, but the Chicago-based company had signaled its intention earlier this year to pull out of non-aerospace markets.

The two sides said the transaction is expected to be completed in the second quarter.