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Monday April 25, 10:02
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Deal around General Electric remains shady but possible
(by Natali Novak)
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General Electric Co. is said to start talks on selling its self-storage business for around $2.5 billion to a Prudential Financial Co. unit and Extra Space Storage Inc.
The deal is said to take place as early as this week, although the whole information was not publicly announced by any part.
Representatives for Newark-based Prudential and Extra Space, based in Salt Lake City, have not released any comment upon request. GE spokesman John Oliver said, "GE doesn’t comment on rumors." He added, "We are always looking for ways to run our business more efficiently and more profitability."
GE acquired Storage USA in 2002 when it purchased Security Capital Group Inc. paying around $4 billion in cash, a stock distribution and the assumption of $1.4 billion in debt. Storage USA, providing activities in 34 states and the District of Columbia, got a rate of the third-largest storage company based on rentable space, according to a recent report by Prudential Real Estate Investors.
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