Conseco Sells Some Assets to Wells Fargo

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.

Topics Mergers & Acquisitions