UPDATE 2-GE to sell its global fleet assets to Element and Arval

June 29, 2015 7:55 AM

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TORONTO, June 29 (Reuters) - General Electric 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 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 . GE did not disclose the sale price for this part, but a source close to the matter said GE is set to receive some $3.3 billion for this business.

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