Article Banner

Element Closes Transaction to Separate into Element Fleet Management and ECN Capital

Element Financial Corporation (“Element”), now Element Fleet Management Corp. (TSX: EFN) (“Element Fleet”) and ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today jointly announced the completion of the reorganization of Element into two separate publicly-traded companies (the “Separation Transaction”), implemented by way of statutory plan of arrangement (the “Arrangement”).

As a result of the Separation Transaction, Element Fleet, led by Bradley Nullmeyer as CEO, has been established as the world’s largest publicly traded fleet management company with approximately $18.0 billion in assets and ECN Capital, led by Steven Hudson as CEO, has been established as a leading North American commercial finance company with approximately $8.2 billion in owned and managed assets. The Separation Transaction was approved by 99.5% of Element Fleet shareholders at a special meeting of shareholders on September 20, 2016, and by the Ontario Superior Court of Justice (Commercial List) on September 21, 2016.

Read the full release here.

share this page

Never miss an update

Subscribe to Element Fleet news and thought leadership today.

Have a question?

We're here to help. Whether you're a fleet manager, driver or supplier, our fleet management experts have the answers. Connect with us today.