Business & GA, Commercial

GE Completes US Fleet Services Transfer to Element Financial

By Juliet Van Wagenen | September 1, 2015
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[Avionics Today 09-01-2015] GE has completed the sale of its U.S. fleet services business to Element Financial Corporation in a transaction valued at approximately $5 billion. Also, GE’s sale of its Mexican, Australian and New Zealand fleet businesses to Element is expected to close at the end of the third quarter, while the sale of GE’s European fleet businesses to Arval is expected to close in the fourth quarter.

The U.S. Transaction, together with the planned closing of the acquisition of GE Capital’s fleet operations in Mexico, Australia and New Zealand, provides Element with enhanced scale, scope and market depth in serving the fleet sector in North America and abroad through the company’s Element-Arval global alliance.

The sale is part of GE’s strategy to focus on its industrial businesses. As a result, the company is selling off most of its GE Capital assets. GE will retain the financing verticals that relate to the company’s industrial businesses.

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