The U.S. Federal Trade Commission has granted early termination to the waiting period under an anti-trust law for Element Financial Corp. to acquire GE Capital's fleet management unit, Element has announced.

Toronto-based Element received the clearance under the the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Termination of the HSR Act waiting period satisfies one of the conditions to closing the proposed transaction.

Element entered into an agreement to acquire GE Capital's fleet business in the U.S., Mexico, Australia, and New Zealand on June 29 for $6.9 billion. The deal is expected to close on Oct. 1.