FAIRFIELD, Conn.--(BUSINESS WIRE)--GE [NYSE:GE] announced today that it has completed the previously announced sale of its U.S. fleet services business, representing aggregate ending net investment (ENI) of approximately $4.4 billion, to Element Financial Corporation (TSX:EFN) in a transaction valued at approximately $5 billion. Separately, the previously announced sale of GE’s Mexican, Australian and
“We are pleased to complete the sale of our U.S. fleet services business to Element,” said
As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing “verticals” that relate to GE’s industrial businesses.
The U.S. fleet services transaction releases approximately $0.6 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan, as previously announced (subject to regulatory approval).
Mr. Sherin concluded, “We wish our U.S. fleet services team a successful future as they join Element.”
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