Autoblog

In an effort to firm up its finanaces, General Motors announced today that it has sold a majority interest in GMAC Commercial Holdings Corp. from the company's financing division, GMAC (General Motors Acceptance Corp.).

Word is that GM sold 78-percent of its equity in its Commercial Holding Corp. in exchange for more than $1.5 billion USD -- an increase over the targeted 60-percent interest. More importantly, GMAC Commercial Holding, the company's real estate financing arm will repay around $7.3 billion in intercompany advances to GMAC when the deal is consummated - bringing the value of the transaction to nearly $9 billion.

GMAC Commercial Holding will come to be known as Capmark Financial Group Inc., a decision reached by the investment group, which includes Kohlberg Kravis Roberts & Co., Goldman Sachs Capital Partners, and Five Mile Capital Partners.

(click on through to the jump for the GM-provided press release with full details).

[Source: Associated Press via Fox News, General Motors via PRNewswire]

(Top tip, Dave J!)