KKR BUYS 78% of GMAC

From Reuters:

U.S. automaker General Motors Corp. (GM.N: Quote, Profile, Research) on Thursday said it sold a larger-than-expected stake in its real estate financing unit, as GM seeks to raise cash and pay for massive employee buyouts announced a day earlier.

GM's financing arm, General Motors Acceptance Corp., sold 78 percent of its equity in GMAC Commercial Holding — up from a previous target of 60 percent — in exchange for more than $1.5 billion in cash, GM said.

That translates into $9 billion for GM's cash coffers. Free Capmark hats for everyone!

GM sells 78 percent of GMAC Commercial Holding [Reuters]

Press release here

Related:
More on GM [internal]