On June 29, 2015, Element Financial Corporation, one of North America’s leading fleet management and equipment finance companies, announced that it has entered into a definitive agreement with GE to acquire GE Capital’s fleet management operations in the United States, Mexico, Australia and New Zealand for an all-cash purchase price of approximately $6.9 billion. Upon closing of the transaction, Element’s combined fleet management operations will include more than one million vehicles under contract.
Element also confirmed that Paris-based Arval, a wholly owned subsidiary of BNP Paribas and Element’s founding partner in the Element-Arval Global Alliance, has entered into a memorandum of understanding to acquire GE Capital’s European fleet management operations. Element facilitated GE in structuring the transaction with Arval.
Cravath is representing Element in connection with these transactions.
The Cravath team is being led by partners Erik R. Tavzel and David J. Perkins and includes associates Edward J. Reed, Edmund Mokhtarian and Feihong Xu on M&A matters; partner Stephen M. Kessing and associate Andrew B. Langworthy on financing matters; practice area attorneys Lawrence A. Pasini and Nicole F. Foster and associate Audry X. Casusol on executive compensation and benefits matters; partner J. Leonard Teti II and foreign associate attorney Timur G. Celik on tax matters; partner David J. Kappos and practice area attorney Anthony N. Magistrale on intellectual property matters; partner Christine A. Varney and associates Margaret Segall D’Amico, Sarah S. B. Kessler and Jesse M. Weiss on antitrust matters; partner Matthew Morreale on environmental matters; and practice area attorney Gary R. Eisenman on real estate. Summer associates Joshua S. Aronoff and Michael Andrisani also worked on M&A matters.
Source: www.cravath.com
