(TSE: EFN CN) (C$6bn)
EFN to Separate into a Fleet Management Business & Commercial Finance Business / Element Fleet a Leading Fleet Management Company / Strong Business Model With Stable Margins / EFN CEO Steve Hudson to Lead the Spinoff ECN / EFN Was Hudson’s Path Back into the Canadian Leasing Market / Uncertainty Surrounding ECN’s Business Model May Lead to Lower Valuation Post-Listing
With total assets of roughly $25bn, Element Financial Corp. (EFN) is one of North America’s leading fleet management and equipment finance companies. The Spinoff creates a structural separation between two diverse businesses and caters to different sets of investors.