GE to sell some fleet units

Los Angeles Times - - TECHNOLOGY - As­so­ci­ated press

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.

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