Arval, the fleet arm of BNP Paribas Leasing Solutions, has signed a memorandum of understanding to acquire GE Capital Fleet Services business in Europe.
This deal is part of a global transaction in which Element Financial Corporation, Arval’s partner in North America, has agreed to buy GE Capital Fleet Services’ businesses in the United States, Mexico, Australia and New Zealand.
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The scope of this acquisition covers more than 160,000 vehicles in 12 European countries, with more than three quarters being in UK, Germany and France. The value of GE Capital Fleet Service’s vehicle assets stood at 2.4bn in Q1 2015.
The completion of the transaction is targeted for Q4 2015.
Upon the completion of the acquisition, Arval’s fleet will amount to approximately 900,000 vehicles worldwide.
Philippe Bismut, chief executive officer of Arval, said: "Arval will become the leader in full service leasing in Europe and I am sure that our clients will highly benefit from our geographical coverage, expertise and scale. We are also enthusiastic about this new cooperation with Element Financial and we are deeply convinced that this will bring value to both partners."
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By GlobalDataThrough these deals, Arval and Element Financial will significantly strengthen the Element-Arval Global Alliance, as they will have more than 3 million vehicles in some 40 countries under their management.
