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June 29 (Reuters) - Canada's Element Financial Corp said it has entered into an agreement with General Electric to acquire GE Capital's fleet management operations in the United States, Mexico, Australia and New Zealand for C$8.6 billion ($6.98 billion)in cash.
Element also said that Paris-based Arval, a subsidiary of BNP Paribas and Element's founding partner, has entered into a memorandum of understanding to acquire GE Capital's European fleet operations.
On closing of the two deals, the Element-Arval Global Alliance will be capable of managing customer fleets in more than 40 countries, Element said in a statement. ($1 = 1.2320 Canadian dollars) (Reporting by Supriya Kurane in Bengaluru; Editing by Anupama Dwivedi)