All about the money
GE selling some fleet businesses to Element for US$6.9 billion
General Electric Co. is selling its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corp. for US$6.9 billion.
GE Capital Fleet Services provides commercial car and truck financing and fleet-management services. GE recently announced it would sell most of GE Capital over the next two years for about US$26.5 billion.
The U.S. and Mexico deal is expected to close in the third quar- ter, while the Australia and New Zealand transaction is targeted to close in the fourth quarter.
The Fairfield, Connecticutbased company also said Monday that it has a memorandum of understanding for the possible sale of its European fleet businesses to BNP Paribas subsidiary Arval. If approved, the deal is expected to close in the fourth quarter.
The transactions don’t include GE Capital’s fleet business in Japan.
Afghan money changers count Afghani banknotes at the currency exchange Sarayee Shahzada market in Kabul on Monday, June 29. The Afghani exchange rate against the U.S. dollar is US$1 to 6.75 Afghani. The exchange rate against other currencies is decided by the Central Bank of Afghanistan.