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PHH Corp. has agreed to sell its fleet management unit, PHH Arval, to Element Financial Corp. for $1.4 billion in cash in a deal that had been in the works since February.
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The Canadian equipment financier acquiring PHH Arval is raising $1.1 billion to close a deal it says will fuel ambitious expansion plans in the North American fleet management market.
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Element Financial Corp. is expected to finalize the purchase of PHH Corp.'s fleet leasing unit for about $1.35 billion in about two weeks, according to a Reuters report quoting a source familiar with the matter.
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Fleet fuel-card supplier Comdata Inc. has filed for an initial public stock offering with the Securities and Exchange Commission, the company has announced.
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The rating reflects Moody's view that LeasePlan maintains a "strong franchise in fleet management" that provides relatively stable earnings and effective management of considerable residual value risk.
Read More →The Hertz Corp. has announced that its board of directors approved plans to separate into two independent, publicly traded companies. The companies will be “Hertz” (Hertz, Dollar, Thrifty, Firefly rental car businesses and Donlen fleet leasing) and “HERC,” the Hertz Equipment Rental Corp.
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Hertz Corp. is spinning off its Hertz Equipment Rental Corp. (HERC) as a separately traded entity that will remain one of the largest global equipment rental companies.
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Hertz Corp.'s Donlen fleet management unit added double-digit growth to the company's non-rental segment in 2013 and showed strong fourth-quarter performance, Hertz reported on March 18.
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PHH Arval could sell for as much as $650 million if the fleet management division were separated from PHH Corp.'s mortgage business, a Wall Street analyst told AutomotiveFleet.com.
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PHH Corp. has entered talks to possibly sell its fleet management unit to Element Financial Corp., a financial and fleet management company that has partnered with GE Capital Fleet Services in Canada.
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