Private equity firm Cerberus Capital Management is reportedly in discussions to sell auto lender Chrysler Financial.
The Wall Street Journal reports Cerberus is in negotiations with ING Group (NYSE:ING) and Toronto-Dominion Bank (NYSE:TD), citing a person close to the matter.
A agreement valued at several billion could be reached within weeks, although the deal could still crumble.
The Journal says Cerberus will likely retain some Chrysler Financial assets, limiting the size of the transaction.
Cerberus paid $7.4 billion to buy more than 80% of Chrysler Holding in 2007, the Journal noted, after having earlier bought GMAC. Chrysler later ceded ownership of the car maker to the U.S. Treasury Department, but kept the financing arm.
The Journal reports Chrysler Financial has $2.2 billion in cash and more than $5 billion in liquid investments.
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