Conseco Inc. has signed an agreement to sell most of the assets of Conseco Finance’s Vendor Services unit to Wells Fargo Financial Leasing Inc. for roughly $160 million in cash. Vendor Services is one of Conseco’s non-core assets being sold to fund the retirement of $2 billion in debt.
The deal is expected to close next quarter. Conseco has accumulated total cash proceeds from the sale of non-core assets already completed or agreed to, including Vendor Services, totaling $1.3 billion. The non-core assets remaining to be sold have an estimated value of more than $1 billion.
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