Reuters reported last week that Canadian equipment finance company Element Financial Corp is in exclusive talks to buy PHH Arval for about $1.35 billion.
Element has not commented, but PHH issued a statement late last week acknowledging that it is engaged in discussions regarding a potential sale of PHH Arval, while adding that there can be no assurance that these discussions will result in a definitive agreement or on what terms. PHH had announced in February that it was considering selling or separating its fleet leasing business and mortgage business.
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