Element closes in on PHH's fleet management business

Описание: Element Financial Corp. is close to sealing a deal to acquire the fleet management business from PHH Corp., a source confirmed with The Deal's Tatjana Kulkarni. The mortgage services provider disclosed that it was in talks regarding the sale of PHH Arval, however hadn't named the buyer. Speculation following that announcement was that the unit would sell for up to $1.3 billion, but the source said the actual transaction will likely fall between $650 million and $900 million. PHH initially decided to explore strategic alternatives following pressure from Orange Capital's Daniel Lewis.

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