DealZone

Hush hush Hummer sale

June 2, 2009

They can’t name the price or the buyer, but a day after heading into bankruptcy General Motors was finally able to say it was selling what is arguably its biggest albatross: Hummer.OK, “sell” might be too strong a word, since all they have is a memorandum of understanding. But they said the deal should close by the third quarter, save more than 3,000 U.S. jobs, and see the Hummer get a big investment infusion.In early April, three bidders were in the running for Hummer, and none were automakers. While private equity was said to be among the interested parties, it’s probably a safe bet that Cerberus – the owner of bankrupt Chrysler – is not among them.With the price of gas rising again, and the Hummer the poster-car for the age of excess, the buyer may want to stay anonymous for some time. Maybe as long as it takes to design an environmentally friendly engine for the off-road behemoth. One powered by hamsters would have the added benefit of a catchy new name.

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