KKR tops Apollo in $6.3B GE deal Down Under

A consortium including KKR outdueled buyout rival Apollo on a $6.3 billion deal Down Under over the weekend.

KKR, alternative investment manager Varde Partners and Deutsche Bank agreed to buy GE Capital's Australian and New Zealand consumer-lending arm.

Wesfarmers of Perth, Australia, and Apollo Global Management had also made a joint bid for the business, according to an Australian media report.

The trio said in a statement on Sunday they were attracted to a business with more than 3 million customers and a long-standing relationship with many of the major retailers in both Australia and New Zealand.

"[GE Capital is] led by a strong management team with an outstanding track record of partnering with the leading retailers," said Ed Bostock, director of KKR Australia.

Fairfield, Conn.-based General Electric has been shrinking its financial services arm, GE Capital, after it weighed down the group during the 2008 credit crisis.

Advisers to GE are Credit Suisse and Morgan Stanley, while the acquiring group is repped by Bank of America Merrill Lynch, Moelis & Co. and Citigroup.

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