Under the terms of the deal BNP Paribas takes an 80% stake in a joint venture which will own PHH Europe and merge with the bank's Arval European fleet operations within a year. In addition Avis will license PHH North America's fleet management technology, PHH InterActive, to the joint venture and Arval, for which Avis will receive an annual royalty.
In North America, the alliance will be branded PHH/Arval and in Europe Arval/PHH. The alliance creates a pan-European fleet of 545,000 vehicles under management or lease including 380,000 in the UK and a total of 1.3 million fuel cards. In addition PHH/Arval has more than 450,000 vehicles under management or lease.