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SEARCHNEW YORK -- General Motors Acceptance Corp. has sold 78 percent of its equity in GMAC Commercial Holding Corp. to an investor group for $1.5 billion in cash, Reuters reported.
NEW YORK -- General Motors Acceptance Corp. has sold 78 percent of its equity in GMAC Commercial Holding Corp. to an investor group for $1.5 billion in cash, Reuters reported.
General Motors still plans to sell a majority stake in GMAC, its captive auto finance unit, and negotiations continue, a GMAC spokesman said.
GMAC Commercial Holding is GM’s real estate finance unit. The investor group was comprised of affiliates of Kohlberg Kravis Roberts & Co., Five Mile Capital Partners LLC and Goldman Sachs Capital Partners.
Last week Kohlberg Kravis Roberts & Co. made a non-binding bid of up to $13 billion for a majority stake in GMAC, according to Reuters.
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