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.
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
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J.D., 1998, University of Chicago Law Schoolwith Honors
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A.B., 1995, Princeton University
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J.D., 1990, University of California, Berkeley, School of Law
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B.S., 1983, University of California, Davissumma cum laude
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J.D., 2007, Stanford Law SchoolOrder of the Coif
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M.Phil., 2004, University of CambridgeGates Cambridge Scholar
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B.S., 2003, Yale Collegesumma cum laude
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J.D., 1990, The University of Texas School of Lawwith Honors
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B.B.A., 1987, University of Oklahomawith Distinction
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