FAIRFIELD, Conn. -

GE is selling a portion of its shares in Hyundai Capital Services to Hyundai Motor Co. and Kia Motors. This move is part of a larger exit plan.

GE has partial ownership (43.3 percent) of HCS, which it plans to divest in coming months. 

HCS, or Hyundai Capital, is a joint venture between Hyundai and GE dating back 11 years. It offers consumer financial products like auto financing and leasing, personal loans and home mortgages.

GE said Tuesday it has agreed to sell a 23.3 percent stake of HCS to the Korean automakers.

The company said in the news release that the deal would represent aggregate GE ending net investment of about $900 million.

“As we continue to sell most of the assets of GE Capital, we are working with our joint venture partners such as Hyundai to find the solutions that work best for all parties,” said Keith Sherin, GE Capital chairman and chief executive officer. “We’re pleased that we were able to take this step toward a longer term strategy to fully exit our stakes in Hyundai Capital and Hyundai Card.

“Hyundai has been a great partner over the last 11 years providing value for customers,” he added.

GE previously announced it would be selling most of GE Capital’s assets as part of a plan to “focus on its high-value industrial businesses.” The company is retaining the financing verticals related to its industrial endeavors.

The transaction announced Tuesday, once complete, is expected to generate about $600 million in capital to the approximate overall target of $35 billion in dividends GE expects to be paid under this plan. This would be subject to regulatory approval.

The broader deal must meet customary regulatory approval, but officials anticipate it closing in April.