GE selling some fleet businesses to Element for $7B

General Electric Co. is selling its U.S., Mexico, Australia and New Zealand fleet businesses to Element Financial Corp. for $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 $26.5 billion. 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. The Fairfield, Connecticut-based 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.