GE Sells Vehicle-Fleet Assets to Element for $6.9 Billion

General Electric Co. agreed to sell the bulk of its vehicle fleet-management business to Canada’s Element Financial Corp. for $6.9 billion as the U.S. company accelerates the disposal of finance operations.

Element will acquire GE Capital’s fleet assets in the U.S., Mexico, Australia and New Zealand, the U.S. maker of turbines and medical scanners said in a statement. Separately, GE signed a provisional accord with Arval, a subsidiary of BNP Paribas, to sell the European portions of the business.