Fleet News

Avis/BNP deal closed

AVIS Group Holdings and the BNP Paribas Group have completed their joint venture agreement which will see the development of a global partnership next month. The closing of the $1billion transaction announced in April remains subject to European approval. However, the two parties have signed an agreement which will create one of the world's leading vehicle management solutions brands in North America and Europe.

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.

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