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A Reuters exclusive report states Element Financial Corp. is in talks to buy PHH Corp's fleet leasing business for about $1.35 billion in cash, in a deal structured to include significant tax benefits, a source familiar with the matter said on Wednesday.
According to the Reuters exclusive report, the source said a deal with Element for the fleet leasing business, PHH Arval, could come within the next two weeks. Representatives for PHH and Element declined to comment, according to the report.
To read the full Reuters exclusive report, click here.