General Motors said today it had agreed to sell a 51% stake in its financing arm, General Motors Acceptance Corporation (GMAC), to a consortium led by hedge fund Cerberus Capital Management for $14 billion.
The sale will generate much-needed cash for the world's largest automaker, which reported a $10.5 billion loss in 2005.
In Ireland GMAC has bases in Mullingar and Dublin, employing around 350 people.
