Cravath, Swaine & Moore LLP Logo
  • Practices
  • People
  • Careers
  • News & Insights
  • Practices
  • People
  • Careers
  • News & Insights
  • Our Story
  • The Cravath System
  • Diversity & Inclusion
  • Pro Bono
  • Alumni Journal
  • 200.Cravath

Cravath’s London Office Moves to 100 Cheapside

Read More

News & Insights

Element’s $6.9 Billion Acquisition of GE Capital’s Fleet Management Operations

June 29, 2015

On June 29, 2015, Element Financial Corporation, one of North America’s leading fleet management and equipment finance companies, announced that it has entered into a definitive agreement with GE to acquire GE Capital’s fleet management operations in the United States, Mexico, Australia and New Zealand for an all-cash purchase price of approximately $6.9 billion. Upon closing of the transaction, Element’s combined fleet management operations will include more than one million vehicles under contract.

Element also confirmed that Paris-based Arval, a wholly owned subsidiary of BNP Paribas and Element’s founding partner in the Element-Arval Global Alliance, has entered into a memorandum of understanding to acquire GE Capital’s European fleet management operations. Element facilitated GE in structuring the transaction with Arval.

Cravath is representing Element in connection with these transactions.

The Cravath team is being led by partner Erik R. Tavzel and includes associates Edward J. Reed, Edmund Mokhtarian and Feihong Xu on M&A matters; partner Stephen M. Kessing and associate Andrew B. Langworthy on financing matters; practice area attorney Lawrence A. Pasini and associate Audry X. Casusol on executive compensation and benefits matters; partner J. Leonard Teti II and foreign associate attorney Timur G. Celik on tax matters; partner David J. Kappos and practice area attorney Anthony N. Magistrale on intellectual property matters; partner Christine A. Varney and associates Margaret Segall D'Amico, Sarah S. B. Kessler and Jesse M. Weiss on antitrust matters; partner Matthew Morreale on environmental matters; and practice area attorney Gary R. Eisenman on real estate. Summer associates Joshua S. Aronoff and Michael Andrisani also worked on M&A matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Banking and Credit
  • Executive Compensation and Benefits
  • Tax
  • Intellectual Property
  • Antitrust
  • Environmental
  • Antitrust
  • Financial Services and Insurance

People

Photo
Name
Stephen M. Kessing
Title
Corporate
Title
Partner
Email
skessing@cravath.com
Phone
+1-212-474-1152
vCard
Download vCard

    Education

    • J.D., 2005, Duke Law School
      Order of the Coif, magna cum laude
    • M.B.A., 2001, University of Southern California
    • B.S., 1995, Miami University of Ohio

    Admitted In

    • New York
    Photo
    Name
    J. Leonard Teti II
    Title
    Tax
    Title
    Partner
    Email
    lteti@cravath.com
    Phone
    +1-212-474-1896
    vCard
    Download vCard

      Education

      • J.D., 2005, University of Virginia School of Law
        Order of the Coif
      • A.B., 1999, Princeton University
        with Honors

      Admitted In

      • New York
      Photo
      Name
      David J. Kappos
      Title
      Corporate
      Title
      Partner
      Email
      dkappos@cravath.com
      Phone
      +1-212-474-1168
      vCard
      Download vCard

        Education

        • J.D., 1990, University of California, Berkeley, School of Law
        • B.S., 1983, University of California, Davis
          summa cum laude

        Admitted In

        • New York
        • California
        • District of Columbia
        Photo
        Name
        Christine A. Varney
        Title
        Litigation
        Title
        Partner
        Email
        cvarney@cravath.com
        Phone
        +1-212-474-1140
        vCard
        Download vCard

          Education

          • J.D., 1986, Georgetown University Law Center
          • M.P.A., 1982, Syracuse University
          • B.A., 1977, State University of New York, Albany

          Admitted In

          • New York
          • District of Columbia
          Photo
          Name
          Matthew Morreale
          Title
          Corporate
          Title
          Partner
          Email
          mmorreale@cravath.com
          Phone
          +1-212-474-1534
          vCard
          Download vCard

            Education

            • J.D., 1997, Columbia Law School
              Harlan Fiske Stone Scholar
            • M.S., 1994, University of Pennsylvania
            • B.A., 1990, University of Pennsylvania
            • B.A.S., 1990, University of Pennsylvania

            Admitted In

            • New York
            Photo
            Name
            Margaret T. Segall
            Title
            Litigation
            Title
            Partner
            Email
            msegall@cravath.com
            Phone
            +1-212-474-1231
            vCard
            Download vCard

              Education

              • J.D., 2008, Harvard Law School
                cum laude
              • A.B., 2003, Harvard College
                magna cum laude

              Admitted In

              • New York

              Cravath Bicentennial

              Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

              Explore

              Cravath, Swaine & Moore LLP Logo
              • CONTACT US
              • OUR STORY
              • ALUMNI PORTAL
              • DISCLAIMERS & NOTICES

              Attorney Advertising. ©2025 Cravath, Swaine & Moore LLP.