LONDON (ShareCast) - General Electric said on Monday that it has reached an agreement to sell its US, Mexico, Australia and New Zealand fleet businesses to Element Financial Corp for $6.9bn.
Separately, the company has signed a memorandum of understanding for the potential sale of its European fleet businesses to Arval, which is a fully-owned subsidiary of BNP Paribas.

Arval and GE will now consult with their respective works councils and the transactions' completion will be subject to customary regulatory and other local corporate or antitrust approvals.

GE Capital chairman and chief executive officer Keith Sherin said: "We continue to demonstrate speed and execution on our strategy to sell most of the assets of GE Capital."

He added: "We are on track to execute sales of $100bn by the end of 2015 and expect to be substantially done by the end of 2016."

GE Capital Fleet Services provides commercial car and truck financing and fleet management services, with more than 1.5m leased, serviced and managed vehicles around the world, while Element Financial Corp is a fleet management and equipment finance company.

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