GE's health-care finance unit likely to fetch more than $11bn as Capital One and Apollo Global submit bids

General Electric's health-care finance unit has received bids from Capital One Financial and Apollo Global Management, Bloomberg reported, citing people familiar with the matter.

Other bidders include Ares Management and Ventas, and the unit which finances nursing homes and other health-care providers is expected to fetch more than $11bn (£7bn, €9.8bn), the sources added.

GE is being assisted by JPMorgan in the sale, and is expected to select a buyer by the end of July, after looking into another round of bids due in early July.

The parties declined to comment on the news.

GE is looking to sell most of its GE Capital assets over the next 18 months, as part of CEO Jeff Immelt's plan to reshape the company and further the role of its industrial businesses as the principal source of GE's earnings.

GE estimates that its industrial businesses will generate more than 90% of GE's operating earnings by 2018, up from 58% in 2014.

As of now, GE Capital has announced sales of more than $55bn and is moving towards the disposition of $100bn by the end of 2015.

The company is looking to reduce the size of its financial services business due to significant regulatory hurdles. The regulators view GE Capital's size as significant, and want the company to be subject to regulation as one of the largest lenders in the US. By reducing its financial business size, GE intends to escape the regulator's oversight.

GE earlier said it had agreed to sell its so-called sponsor finance business, which includes Antares Capital, and a $3bn bank loan portfolio to Canada's largest pension fund. Canada Pension Plan Investment Board would pay about $12bn for GE's private equity lending business.

The company is expected to announce $20bn to $30bn in additional asset sales in the quarter ending 30 June. Its four US commercial lending and leasing businesses with $40bn in loans are also on the market, waiting for bids.