updated 11/23/2004 7:46:33 AM ET 2004-11-23T12:46:33

Citigroup Inc. has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion in cash.

The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto.

Citigroup said the divested business doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit.

Citigroup will recognize a gain of about $90 million from the transaction, which is subject to regulatory approvals and is expected to close as early as the end of 2004.

Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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