GM sells stake in Delphi Automotive for $3.8 Billion

GM Renaissance Center
GM Renaissance Center

On a quick boring industry note, General Motors announced today that it has sold its Class A Membership Interest in Delphi Automotive LLP back to Delphi for $3.8 billion. GM acquired the Class A Membership Interest in October 2009 in conjunction with the creation of Delphi.

“We are systematically delivering on our commitment to strengthen and simplify our balance sheet,” said Dan Ammann, GM senior vice president and chief financial officer as of April 1.

GM will report a book gain of approximately $1.6 billion in the first quarter of 2011 related to the sale, the automaker said in a statement.

– By: Stephen Calogera