Element’s $1.4 Billion Acquisition of PHH Corporation’s North American Fleet Management Business
June 02, 2014
On June 2, 2014, Element Financial Corporation, one of North America’s leading equipment finance companies, announced that it has entered into a definitive agreement to acquire PHH Arval, the North American fleet management services business of PHH Corporation, for approximately US$1.4 billion in cash. Cravath represented Element in connection with this transaction, which is expected to close by July 31 and is subject to customary closing conditions.
The Cravath team was led by M&A partner Erik R. Tavzel and included associates Aaron Gruber, Alan G. Grinceri and Ali Assareh and foreign associate attorney Nadine R. Hartung on M&A matters; partner Stephen L. Burns on securities matters; partner J. Leonard Teti II and associate Matthew O. Williams on tax matters; partner Eric W. Hilfers and associate Audry X. Casusol on executive compensation and benefits matters; and partner David J. Kappos and associate Benjamin D. Landry on intellectual property matters.
Related Practices & Industries
People
- Photo
-
-
J.D., 2005, University of Virginia School of LawOrder of the Coif
-
A.B., 1999, Princeton Universitywith Honors
- New York
Education
Admitted In
- Photo
-
-
J.D., 1998, University of Chicago Law Schoolwith Honors
-
A.B., 1995, Princeton University
- New York
Education
Admitted In
- Photo
-
-
J.D., 1990, University of California, Berkeley, School of Law
-
B.S., 1983, University of California, Davissumma cum laude
- New York
- California
- District of Columbia
Education
Admitted In
- Photo
-
-
J.D., 2007, Stanford Law SchoolOrder of the Coif
-
M.Phil., 2004, University of CambridgeGates Cambridge Scholar
-
B.S., 2003, Yale Collegesumma cum laude
- New York
Education
Admitted In
- Photo
-
-
J.D., 1990, The University of Texas School of Lawwith Honors
-
B.B.A., 1987, University of Oklahomawith Distinction
Education
Related News & Insights
Deals & Cases
September 30, 2025
Future Standard’s Acquisition of Post Road Group’s Digital Infrastructure Platform
On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.
Deals & Cases
September 22, 2025
Premier’s $2.6 Billion Acquisition by Patient Square
On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.
Deals & Cases
August 15, 2025
Fitch Learning’s Acquisition of Moody’s Analytics Learning Solutions and the Canadian Securities Institute
On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.
Deals & Cases
August 11, 2025
Intermex’s Acquisition by Western Union
On August 10, 2025, International Money Express, Inc. (“Intermex”) and The Western Union Company (“Western Union”) announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all‑cash transaction at $16.00 per share, representing a total equity and enterprise value of approximately $500 million. Cravath is representing Intermex’s Strategic Alternatives Committee in connection with the transaction.
