According to Bloomberg, sources close to GE said that a deal for the $9bn vehicle fleet management business has not been reached yet but GE hopes to come to terms on a sale of the operations by the end of the quarter.

Last month saw GE announced that it was looking to sell off most of its GE Capital assets including its fleet management and commercial lending and leasing businesses to focus the company “around its competitive advantages”.

According to Bloomberg, Element raised C$2.5bn ($2bn) in equity in a secondary sale last week to fund undisclosed “future acquisitions.” The company bought GE Capital’s Canadian fleet business in 2013 for $560 million and entered into a Canadian-US cross-border partnership. In 2014, Element expanded by purchasing the North American fleet management business of PHH Corp, PHH Arval, for $1.4 billion.