Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Element Financial to buy PHH Arval fleet management business for US$1.4-billion

TORONTO - Element Financial Corp. (TSX:EFN) will pay US$1.4 billion cash to buy PHH Corp.'s North American fleet management services business under a deal announced Monday.

PHH Arval had about US$4.6 billion of assets as of March 31, including US$4 billion invested in fleet leases.

Toronto-based Element Financial, which operates in four segments of the equipment finance market, will fund the transaction through a combination of bridge financing and newly issued securities.

Element says it will work with PHH to ensure that customers, suppliers and employees aren't disrupted during the transition.

It says the transaction is expected to close by July 31, subject to regulatory approvals and customary closing conditions.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates