GE to sell its global fleet assets to Element and Arval

General Electric (GE.N) on Monday said it agreed to sell its fleet management arm in the United States, Mexico, Australia and New Zealand to Canada's Element Financial (EFN.TO) for $6.9 billion, moving it a step further in its plan to shed financial assets. Separately, GE signed a memorandum of understanding to sell its European fleet segment to Arval, a subsidiary of BNP Paribas (BNPP.PA). The sale is part of a plan unveiled in April to divest about $200 billion in GE Capital assets as it moves away from finance and focuses on manufacturing industrial equipment.

GE to sell its global fleet assets to Element and Arval source: http://finance.yahoo.com/news/ge-sell-global-fleet-assets-143213919.html