General Motors yesterday finalised a year-old deal with three private equity groups, raising $9bn by selling more of its commercial mortgage business than originally planned.
GM Acceptance Corp, the finance arm of the troubled US carmaker, sold 78 per cent of the commercial mortgage division after investors exercised a previously undisclosed option to buy an extra 18 per cent.
The completion of the deal came a day after GM agreed on early retirement offers with Delphi, its biggest supplier, and the United Auto Workers union, which could cost the carmaker billions in severance payments.