Element Submits Proposal to Acquire FleetPartners Group

About this update from Element Fleet Management Corporation

TORONTO, Aug. 9, 2026 /CNW/ -- Element Fleet Management Corp. (TSX: EFN), ("Element" or the "Company"), the largest publicly traded pure-play automotive fleet manager in the world, confirms that it has submitted a non-binding indicative proposal to acquire FleetPartners Group Limited (ASX: FPR) ("FleetPartners"), a leading fleet management company in Australia and New Zealand, by way of a Scheme of Arrangement for A$3.80 per share in cash (the "Proposal"). Under the Proposal, FleetPartners shareholders would receive cash consideration of A$3.80 per share, representing a total equity value of approximately A$820 million (US$578M) and a premium of 34.3% to FleetPartners' undisturbed share price of A$2.83 (as at 31 July 2026). In addition, Element has offered, on a conditional basis, to increase the offer consideration to A$4.00 if, prior to 5:00 p.m. Sydney time on August 11, 2026, the Board of FleetPartners agrees to enter into a process deed including a three week period of hard exclusivity, during which Element would seek to complete due diligence and execute a binding Scheme Implementation Deed. "FleetPartners represents a rare opportunity to add meaningful capability in a market we know exceptionally well," said Laura Dottori-Attanasio, Chief Executive Officer of Element. "We have operated in Australia and New Zealand for decades and have deep knowledge of the market, its clients, and operating environment. We believe a combination with FleetPartners has compelling strategic and financial logic and would strengthen our ability to serve clients and enhance our value proposition across the region." Element is particularly well positioned to complete this transaction, offering compelling value through its all-cash Proposal, speed of execution underpinned by its deep familiarity and strong track record in the ANZ market, and a high degree of transaction certainty supported by significant financial capacity and the clear strategic rationale for combining two complementary businesses in the region. Dottori-Attanasio continued: "We are approaching this opportunity with the same financial discipline that guides all of our capital allocation decisions. Based on our current assessment, the Proposal is expected to be financially accretive and would preserve the strength and flexibility of Element's balance sheet. We are pleased to have the opp...

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