GE in talks with Element Financial on fleet assets sale: Bloomberg

(Reuters) — General Electric Co (GE.N) is in advanced talks to sell assets of its vehicle fleet management business, GE Capital Fleet Services, to Element Financial Corp (EFN.TO), Bloomberg reported, citing people familiar with the matter.

While a deal has not yet been reached, GE hopes to draw up terms of a sale by the end of the quarter, Bloomberg reported.

GE and Element were not immediately available for comment.

Element bought the Canadian fleet portfolio of GE’s financial business in 2013, for C$570 million.

GE expects to unload about $100 billion in GE Capital assets this year, up from its previous target of $90 billion, according to a presentation for investors, released last week.

GE expects to be largely done with its finance asset sales by 2016, according to the presentation; it had previously said it planned to be finished by 2017.

GE last month announced plans to largely exit its finance businesses.