Fairfield, Conn.-based GE Capital has unloaded its commercial lending and leasing businesses to Wells Fargo & Co., it said Monday.

Wells Fargo has agreed to purchase the global commercial distribution finance, North American vendor finance and corporate finance platforms for roughly $30 billion. The deal also includes 3,000 employees, GE noted Oct. 13.

In April, GE Capital revealed plans to sell off $200 billion of assets, while holding on to the financing units that relates directly to its industrial businesses. On Oct. 5, it sold a corporate aircraft lease and loan portfolio to private equity firm Global Jet Capital for $2.5 billion.

The recent agreement with Wells Fargo is its largest transaction to date, Keith Sherin, GE Capital chairman, said in a statement.  The sole significant platform remaining for sale in the U.S. is its $5.5 billion franchise unit.

“Since our April 10 announcement, we’ve signed more than $126 billion in transactions, which is over 60% of our overall plan, and are on track to become less than 10% of GE’s earnings as the company transactions to a more focused digital industrial company,” Sherin stated.

The commercial distribution finance business provides customized solutions to help fund the flow of finished durable goods from manufacturers to dealers; the vendor finance business offers private label and co-branded programs for original equipment manufacturers, dealers and end users across U.S. and Canada-based office imaging, construction, material handling and technology industries.

Its commercial finance unit includes a portfolio of senior secured loans and leases for middle market companies in the U.S. and Canada.

GE Capital has also divested a handful other other businesses, including a loan portfolio that was sold to MidCap Financial, and Antares Capital, which lends to private equity-backed middle-market companies. For more, see For GE Capital's Coveted Antares Unit, New Owner Means Expansion Beyond Senior Debt

--Additional reporting by Allison Collins

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