The go-to-market name for PHH Arval will transition to Element Fleet Management between now and the end of 2014. Element Financial Corporation, a Canadian-based equipment finance company, acquired PHH Corporation’s North American fleet management unit for $1.4 billion in cash on July 7.
Element's PHH Arval Buy Doubles Fleet Portfolio
Element Financial Corp. has finalized its acquisition of PHH Arval for $1.4 billion, a transaction that doubles the size of its managed fleet assets, the Canadian firm has announced.