Element close to buying PHH's fleet leasing unit -source

NEW YORK Fri May 30, 2014 12:41pm EDT

NEW YORK May 30 (Reuters) - Canadian equipment finance company Element Financial Corp is close to a deal to buy PHH Corp's auto fleet leasing business for about $1.35 billion in cash, according to a source familiar with the matter on Friday.

The boards of the two companies are expected to meet this weekend to approve the transaction, the terms of which are being finalized, the source said. A deal for the unit, PHH Arval, could be announced as soon as Monday, the source said.

PHH and Element could not immediately be reached for comment.

(Reporting By Paritosh Bansal)

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