GE has completed the previously announced sale of its European fleet services business, representing aggregate ending net investment (ENI) of approximately $2.8 billion, to Arval, a fully owned subsidiary of BNP Paribas.
“We are pleased to complete the sale of our European fleet services business to Arval,” said Keith Sherin, GE Capital chairman and CEO. “It is another important step as we continue to execute on our plan to sell most of the assets of GE Capital.”
As previously announced, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets.
The European fleet services transaction releases approximately $0.6 billion of capital. GE Capital believes it is on track to deliver about $35 billion of dividends to GE under this plan.
“We thank the European fleet services team for their contributions to GE Capital and to our customers, and wish them a successful future as they join Arval,” said Sherin.
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