Toronto-based equipment finance company Element Financial Corporation has entered into a definitive agreement to acquire the assets and operations of PHH Arval for approximately $1.4 billion.
This transformative acquisition achieves all of the strategic and financial objectives that we established when we set out to expand our domestic fleet management business into the U.S. market, said Steven K. Hudson, Elements Chairman and Chief Executive Officer. It provides us with a fully integrated North American fleet management offering that complements our other three business verticals at the same time that it is accretive to our shareholders and immediately improves our capital efficiency, added Mr. Hudson.
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