Today, Element Financial Corp. will finalize its long-anticipated acquisition of GE Capital’s U.S.-based fleet management operations.

According to William Cieslak, Element Fleet Management’s vice president of vehicle remarketing, all portions of GE Capital Fleet Services in the United States will transition from the GE brand immediately.

Element had previously announced in June that it and GE Capital had entered into a definitive agreement for Element to acquire GE Capital’s fleet management operations in the U.S., Mexico, Australia and New Zealand for an all-cash purchase price of $8.6 billion Canadian, which at the time translated to roughly $6.9 billion in U.S. currency.

Element also recently announced that Kristi Webb has been appointed as the new president and chief executive officer of Element’s fleet management business, while Jim Halliday has been named as the executive vice president of Element Financial Corporation.

“The expanded scale of our combined fleet operations together with our industry-leading fleet management systems and expertise, position Element to accelerate the innovations that will transform the fleet management industry,” said Brad Nullmeyer, Element’s president. “Kristi, Jim and their colleagues understand the unique opportunity for growth and innovation that arises from combining these businesses to deliver best-in-class solutions to a wide range of fleet management customers.”

The acquisition of GE Capital’s fleet services operations in Mexico, Australia and New Zealand are expected to close by the end of the third quarter.

While unable to currently comment on how the acquisition will affect the structure of the GE Capital Fleet Services operations in the U.S., Cieslak did confirm that Paul Seger would maintain his current position as vice president of asset remarketing under the new Element Financial umbrella.