The Financial Post reports in its Tuesday, June 30, edition that Element Financial is buying most of General Electric's fleet business for $8.6-billion. The Post's Kristine Owram writes that under the terms of the transaction announced Monday, Element will acquire GE Capital's fleet-management operations in the United States, Mexico, Australia and New Zealand. These assets will be added to GE's Canadian portfolio, which Element bought for $570-million two years ago. Chief executive officer Steve Hudson says, "It is a game-changer, but it's consistent with our message, because we've been saying for several years that we want to have the leadership position in fleet." The business -- which counts major companies such as Tim Hortons, Comcast and DuPont among its customers -- covers the gamut of corporate-fleet management, from ordering and financing the vehicles to providing telematics that can keep track of employees' movements. The deal will add $7.1-billion in net-earning assets to Element's existing fleet-management business, which had about $6-billion in total earning assets as of March 31. It is expected to boost Element's annual earnings per share by 20 per cent once fully integrated in 2017.