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November 23, 2004 9:15 AM, EST

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itiCapital said it would sell its transportation finance business to General Electric Co. for $4.4 billion.

The company, which is a unit of Citigroup Inc., said in a statement the transportation finance unit provides financing, leasing, and lending to the commercial trucking industry. It has offices in Dallas and Toronto.

General Electric said the unit has about 600 employees and serves more than 49,000 customers throughout North America.

Michael Neal, chief executive officer of GE Commercial Finance, said the deal "enhances our financing capabilities in this segment and broadens our relationships with truck manufacturers and dealers."

"This transaction is another step in our effort to allocate capital most effectively throughout our businesses," said Robert Willumstad, president of Citigroup.

The sale may close by the end of the year, Citigroup said.

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