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GE in talks with Element Financial on fleet assets sale

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.

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.