The U.S. Federal Trade Comission has granted early termination of the waiting period under the Hart-Scott-Rodino Act to Element in respect to its pending acquisition of the U.S.-based fleet operations of GE Capital.

Element entered into a definitive agreement to purchase GE Capital’s fleet management operations in the U.S., Mexico, Australia and New Zealand on June 29 for $6.9 billion. The termination of the waiting period satisfies one of the conditions to closing the proposed transaction, which is expected to close in Q3/15 for the U.S. and Mexican portion and Q4/15 for the pieces in Australia and New Zealand.