BRIEF-Element Financial Corp board unanimously approves plan to separate into two market leading companies

Mon Jul 25, 2016 5:26pm EDT
 
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July 25 (Reuters) - Element Financial Corp

* Board unanimously approved plans to proceed with reorganization of element into two separate publicly-traded companies

* Following separation transaction, Element Financial Corporation, to be renamed Element Fleet Management Corp.

* ECN capital will acquire all of issued and outstanding shares in capital of IAC

* At closing of IAC deal, each outstanding share of IAC will be bought in exchange for specified number of ecn capital shares

* Element board unanimously approves plan to separate into two market leading companies

* Element's existing senior credit facility will be amended to provide for $4.0 billion in 3-year revolving funding for Element Fleet

* Following seperation, to be led by Bradley Nullmeyer as CEO Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)