GMAC Commercial Holding sold for $8.8bn

Kohlberg Kravis, Five Mile Capital LLC and Goldman Sachs have agreed to buy a 78% stake in firm. The partners have paid $1.5bn in cash, while GMAC has agreed to repay $7.3bn of outstanding inter company loans to parent GM. In a statemen GM states: "GMAC, the wholly-owned financial services subsidiary of General Motors Corporation, sold 78% of its equity in GMAC CH, up from the previously announced 60% target, in exchange for more than $1.5bn in cash. At the closing, GMAC CH also repaid to GMAC approximately $7.3 billion of inter-company loans, bringing GMAC's total cash proceeds from the...