Toronto-based Element Financial Corp. is now in "advanced talks" with General Electric Co. for the possible purchase of its fleet assets, according to a Bloomberg report.

No deal has been reached for GE Capital's $9 billion global fleet business. GE hopes to reach a deal by July 1. Element and GE have declined comment on the report.

Element Financial raised $2.5 billion Canadian ($2 billion) last week to fund undisclosed "future acquisitions." In July of 2014, Element acquired PHH Corp.'s fleet business, PHH Arval, for $1.4 billion.