DaimlerChrysler Capital Services officials say that GE Capital won a competitive process set up by Goldman Sachs for the two business units. Goldman Sachs also acted as exclusive financial advisor to DaimlerChrysler in the transaction. Lazard acted as exclusive financial advisor to GE Capital.

The deal was prompted by DaimlerChrysler's strategy of shedding its non-core assets and concentrating on its core automotive business, the company's parent in Frankfurt, Germany said in a prepared statement.

The transaction may have some impact on DaimlerChrysler Capital Services' Norwalk operations, which are housed at Building 201 at the Merritt 7 office complex. The firm, which boasted a total loan portfolio of $7.5 billion prior to the sale, also operates a number of other divisions that were not part of the sale: Aviation, Leveraged Leasing, Affordable Housing, Marine and Information Technology (based in Germany).

"We are pleased that GE Capital recognized the quality of these portfolios and that an organization of their stature was successful in the competitive bidding process," says DaimlerChrysler Capital Services president Greg Geletka. "This purchase is a testament to the high worth not only of our businesses but also of the talent and professionalism of our employees."

Doug Rozman, head of marketing and communications for DaimlerChrysler Capital Services, says that approximately 35 employees work for the two business units whose portfolios were sold to GE Capital. Approximately half (17) of those workers are housed at the firm's Norwalk corporate headquarters, with the remainder employed at offices across the U.S. Rozman notes that the affected workers will be offered the opportunity to obtain new assignments within DaimlerChrysler, obtain possible employment with GE Capital or be eligible for separation packages. DaimlerChrysler Capital Services currently employs 200 workers at its Norwalk offices.