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

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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.

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