General Electric Co., working to reduce dependence on its finance unit, is in advanced talks to sell assets in the $9 billion vehicle fleet-management business to Element Financial Corp., according to Bloomberg Business.
No deal has been reached yet with Toronto-based Element and the discussions could still fall apart, according to sources speaking anonymously with the publication.
The company gave a faster timeline last week for the U.S. conglomerate's massive plan to sell $200 billion in GE Capital finance assets. CEO Jeff Immelt told the Electrical Products Group investor conference on Wednesday that the company now expects to be largely done with the process by 2016 instead of finishing in 2017, according to a Reuters report.
GE estimated selling about $100 billion of the assets this year, up from its earlier target of $90 billion, with deals for $20 billion to $30 billion targeted by the end of the second quarter.
"I'd be disappointed if we don't beat these numbers," Immelt said, according to the news service. "I think we have the potential to do very well on this transaction."
GE's finance pullback would leave it primarily a maker of big-ticket industrial products, such as jet engines, locomotives and power equipment. But its planned 12.4 billion euro ($13.8 billion) purchase of Alstom's power equipment business, the biggest in GE's history, is still awaiting regulatory approval a year after it was announced.