General Motors has revealed this morning it has sold a 51% controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management.
The private investment firm in partnership with Citigroup and Aozora Bank is to pay around $14bn in cash over three years. In a statement released this morning GM chairman and chief executive Officer Rick Wagoner says: "We look forward to working with Cerberus to maintain and grow GMAC's traditional strong performance and contribution to the GM family. This agreement is another important milestone in the turnaround of General Motors. It creates a stronger GMAC while preserving the mutually beneficial relationship between GM and GMAC. At the same time, it provides significant liquidity to s...
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