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.
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