Element Financial announced it has received clearance from the Competition Bureau for its $570 million acquisition of the assets of GE Capital’s Canadian fleet leasing business. The company said the deal now is expected to close June 28.

Under the agreement, Element will acquire GE Capital’s existing Canadian fleet portfolio along with the GE Capital Canada fleet operational resources required to service the portfolio.

Element said the acquired GE portfolio and resources will be combined with the operations of TLS Fleet Management, Element’s existing fleet management business to create one of the largest vehicle fleet management companies in Canada.

In addition to serving the domestic Canadian fleet industry, the two companies will also form a strategic alliance to deliver comprehensive vehicle fleet financing and management services to cross-border customers in Canada and the U.S.

Previously on monitordaily.com: Element Financial Acquires GE Capital’s Canadian Fleet Assets, May 31, 2013