The U.S. Treasury Department plans to sell $3 billion of Ally Financial Inc. common stock, reducing taxpayers’ stake in the firm to 37%.

Bloomberg reported that the U.S. will sell 410,000 shares for $7,375 apiece in a private offering and leave the government with about 572,000 shares of the auto lender, the Treasury said today (Jan. 17) in a statement. The government, which didn’t disclose a buyer, will work with the company to explore ways to further reduce the investment that may include a public offering or an additional private sale of common shares, according to the statement.

“The strong investor interest is a testament to the significant transformation of the company,” Ally CEO Michael A. Carpenter said in a separate statement.

Ally, known as GMAC when it was the captive-finance arm of the automaker that’s now called General Motors Co., won Federal Reserve approval to become a bank holding company in December 2008. The change enabled it to tap a U.S. rescue that swelled to $17.2 billion. Taxpayers still held a 64% stake in Ally as of Nov. 20, according to the company.

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