Fleet-Management Business: Canadian firm to buy large chunk of GE
GE has said the business includes $9 billion in assets
TORONTO:
Canada’s Element Financial is close to buying a large chunk of General Electric Co’ vehicle fleet-management business in a deal that could be sealed as early as the end of June, three sources familiar with the matter said. GE has said the business includes $9 billion in assets. The sale would be part of a plan it unveiled in April to divest about $200 billion in GE Capital assets as it moves away from finance and focuses on manufacturing of industrial equipment. The sources said Element is poised to acquire a good piece of the vehicle fleet-management business, with a smaller portion being taken by another party. The business helps to finance and manage the vehicles of companies that own vast fleets for sales staff, technicians and others that are always on the move.
Published in The Express Tribune, June 28th, 2015.
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