Thu, May 12, 3:03 AM
Thu, Mar. 3, 5:09 PM
Wed, Feb. 3, 7:51 AM
Thu, Jan. 7, 6:58 AM
Sep. 1, 2015, 7:48 AM
- General Electric (NYSE:GE) has completed the previously announced sale of its U.S. fleet services business to Element Financial Corporation (OTC:ELEEF) in a transaction valued at approximately $5B.
- The sale of GE's Mexican, Australian and New Zealand fleet businesses to Element is expected to close at the end of Q3, while the sale of GE's European fleet businesses to Arval, a fully-owned subsidiary of BNP Paribas (OTC:BNPZY), is expected to close in Q4.
- Previously: General Electric sells off more GE Capital (Jun. 29 2015)
Jun. 29, 2015, 3:49 AM
- Canada's Element Financial (OTC:ELEEF) has agreed to acquire GE (NYSE:GE) Capital's fleet management operations in the U.S., Mexico, Australia and New Zealand for $7B in cash, while Paris-based Arval has entered into a memorandum of understanding to acquire GE Capital's European fleet operations.
- On closing of the two deals, the Element-Arval Global Alliance will be capable of managing customer fleets in more than 40 countries, Element said in a statement.
Jun. 26, 2015, 6:24 PM
- Canada's Element Financial (OTC:ELEEF) is close to buying a large chunk of GE's vehicle fleet management business in a deal that could be sealed as early as the end of this month, Reuters reports.
- GE has said the fleet management unit includes $9B in assets, but Element is said to be interested mainly in the North American portion of the business; a smaller portion could be picked up by another party, the report says.
- The sale would be part of GE's plan to divest ~$200B in GE Capital assets.
May 26, 2015, 3:10 PM
- It's a $9B business for General Electric (GE -0.7%) in which it leases and manages 1.4M autos and trucks, mostly in the U.S. for mid-sized and large companies.
- The company, says Bloomberg, is in advanced talks to sell the assets to Toronto-based Element Financial (OTC:ELEEF) which bought PHH's fleet-management business about a year ago. Element notably raised about $2B in a secondary offering last week to fund undisclosed "future acquisitions."
- In a presentation last week, GE CEO Jeff Immelt said he hopes to have agreements in place to sell as much as $30B of GE Capital assets by the end of the quarter.
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