New York:General Electric Co is in advanced talks to sell assets of its vehicle fleet management business, GE Capital Fleet Services, to Element Financial Corp , 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.