Business
GE Capital and Element Financial Establish Strategic Cross Border Fleet Services Alliance
NORWALK, CT and TORONTO , May 31, 2013 /CNW/ - Element Financial Corporation (TSX:EFN) (...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nNORWALK, CT and TORONTO, May 31, 2013 /CNW/ - Element Financial\n Corporation (TSX:EFN) (\"Element\" ) and GE Capital  (\"GE Capital\")\n announced today that they have entered into a definitive asset purchase\n agreement  (the \"Agreement\") whereby Element acquires GE Capital's\n Canadian fleet portfolio and the two companies form a strategic\n alliance to deliver comprehensive vehicle fleet financing and\n management services to cross-border customers in Canada and the United\n States.\n\n\nUnder the terms of the Agreement, Element will acquire GE Capital's\n existing Canadian fleet portfolio for consideration of C$570 million\n (the \"Acquisition Transaction\") subject to adjustments, along with the\n GE Capital Canada fleet operational resources required to service this\n portfolio.  These Canadian operations will be combined with TLS Fleet\n Management, Element's existing fleet management business.\n\n\nIn addition to serving the domestic Canadian fleet industry, the\n combined entity operating under the Element Fleet Management brand will\n serve Canadian customers under a Strategic Alliance Agreement (the\n \"Strategic Alliance\") between Element and GE Capital Fleet Services.\n Through the long-term Strategic Alliance, the two companies will\n jointly pursue Canada/US cross-border fleet management opportunities.\n\n\n\"This alliance with GE Capital Fleet Services enables Element Fleet to\n bring more comprehensive fleet management technologies and solutions to\n our existing customers at the same time that it expands our addressable\n client base by giving us the capacity to deliver fleet management\n services to customers with needs on both sides of the Canada/US\n border,\" said Steven K. Hudson, Element's Chairman and Chief Executive\n Officer.\n\n\n\"This strategic alliance creates significant advantages for our GE\n Capital Fleet Services customers operating fleets in Canada,\" said\n Kristi Webb, President and CEO of GE Capital Fleet Services. \"Our\n customers will enjoy a broader range of services, more geographic\n coverage and more feet on the ground in rapidly growing Canadian\n markets, and diversified capital funding sources to support their fleet\n needs.\"\n\n\nKathy Lee, President and CEO of GE Capital Canada, said: \"We are pleased\n to announce this alliance with Element Fleet Mana...