Canadian equipment finance company Element Financial Corp is finalising a deal to buy US based PHH Corp’s auto fleet leasing business, PHH Arval, for approximately $1.4bn (€1.0bn) after the boards of both companies approved the deal, Reuters is reporting.

PHH first issued a statement confirming discussions of the potential sale were ongoing at the end of May, but did not reveal who the discussions were with. The company also has a mortgage business.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Quoting sources, Reuters said PHH net proceeds from the deal after taxes and expenses are expected to be $750-800m.

Such a deal would give Canadian company Element a platform to expand into the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.