GE strikes multibillion-dollar deals to sell fleet units

General Electric Co. has agreed to sell its U.S., Mexico, Australia and New Zealand fleet businesses for $6.9 billion, with a separate smaller deal in the works to unload its business in Europe, marking the latest steps in the industrial group's retreat from banking.

The company agreed to sell fleet assets under financial unit GE Capital to Canada's Element Financial Corp. The U.S. and Mexico part of the deal is expected to close in the third quarter this year, with the Australia and New Zealand part in the fourth, according to Dow Jones Newswires.

GE also penned a memorandum of understanding with Arval, a fully owned unit of France's BNP Paribas SA, for the European fleet businesses. The deal is expected to close by the end of the year.

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