GE to sell some fleet units
General Electric Co. is selling its U. S., Mexico, Australia and New Zealand f leet businesses to Element Financial Corp. for $ 6.9 billion.
GE Capital Fleet Services provides commercial car and truck f inancing and f leet- management services. GE recently announced it would sell most of GE Capital over the next two years for about $ 26.5 billion.
GE Capital Chairman and CEO Keith Sherin said the company is on track to sell off businesses worth about $ 100 billion by the end of the year and expects to be finished with the sales by the end of 2016.
Element Financial is a f leet management and equipment f inance company.
The U. S. and Mexico deal is expected to close in the third quarter, while the Australia and New Zealand transaction is targeted to close in the fourth quarter.