TORONTO - Element Financial Corp. (TSX:EFN) says it has received clearance from the Competition Bureau for its $570-million acquisition of the assets of GE Capital's Canadian fleet leasing business.
The deal now is expected to close June 28, Element Financial said Tuesday
Under the agreement, Element will acquire GE Capital's existing Canadian fleet portfolio along with the GE Capital Canada fleet operational resources required to service the portfolio.
These Canadian operations will be combined with TLS Fleet Management, Element's existing fleet management business.
In addition to serving the domestic Canadian fleet industry, the two companies will also form a strategic alliance to deliver comprehensive vehicle fleet financing and management services to cross-border customers in Canada and the United States.
With total assets of approximately $2 billion, Element Financial is a leading North American independent equipment finance company.
Through Element Capital, it provides large-ticket equipment leasing, while Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions.
On the Toronto Stock Exchange, Element shares closed up 48 cents, or 4.3 per cent, at $11.65 on Tuesday.