Herbert Smith Freehills has advised new client Element Financial Corporation on the purchase of GE Capital Corporation’s fleet management operations in the US, Mexico, Australia and New Zealand for an all-cash purchase price of US$6.9 billion. Element, one of North America’s leading fleet management and equipment finance companies, is listed on the Toronto Stock Exchange. The transaction is expected to close in the second half of 2015.

The transaction firmly establishes Element as a leader in the North American fleet management industry and the Australia and New Zealand acquisitions fit well with Element's established North American operations, providing Element with greater capacity to support international customers with integrated global fleet management solutions.

The transaction involved Herbert Smith Freehills' London and Australian offices and was run by lead partners Alex Kay in London and Mark Currell in Sydney, supported by senior associate Adam Charles and associates Hester Cooper and Thomas Mawson.

Herbert Smith Freehills worked alongside Element's General Counsel, Jim Nikopoulos, as well as Blake, Cassels and Graydon as Canadian counsel and Cravath, Swaine and Moore as US counsel.

Weil, Gotshal & Manges LLP advised GE.