GE Capital Fleet Services has signed an agreement to purchase Associates Fleet Services (Canada), headquartered in Mississauga, Ontario, Canada. Details of the transaction were not disclosed. Completion of the deal is expected in September 2001 subject to regulatory approvals.
Associates Fleet Services is owned by CitiGroup's CitiCapital unit and represents about US $490 million in assets with more than 50,000 vehicles under lease and service management in Canada. Other Associates regional office locations include Montreal, Calgary, Vancouver, and Edmonton.
GE Capital Fleet Services, based in Eden Prairie MN, is a global fleet management company with approximately 1.2 million vehicles under lease and service management with offices in the United States, Canada, Mexico, Europe, Japan, Australia, and New Zealand. It is a business unit of GE Capital.