In concert with its continued plan to sell off GE Capital assets, GE has agreed to an offer of $2.2 million for acquisition of its European sponsor finance business by Sumitomo Mitsu.
GE said it reached an agreement to sell its U.S., Mexico, Australia and New Zealand Fleet business to Element Financial for $6.9 billion. GE also signed an MOU for the potential sale of its European fleet business to Arval.
Element Financial expanded the company’s existing senior credit facility to $1.6 billion with the addition of a further $100 million commitment from a U.S.-based bank. The facility is led by BMO.
Element Financial announced it obtained a $1.36 billion bridge financing commitment from Bank of Montreal to finance the acquisition of PHH Corporation’s fleet management services business.
Element Financial said it has closed its previously announced new $600 million committed debt facility, underwritten by BMO Capital Markets and a syndicate of financial institutions.
Element Financial announced it entered into a strategic alliance with Trinity Industries to provide lease financing for up to $2 billion worth of railcars over the next two years.