Press Release

White & Case Advises BNP Paribas on Preliminary Agreement to Acquire GE Capital Fleet Services in Europe

Global law firm White & Case LLP has advised Arval, a fully owned subsidiary of BNP Paribas specializing in full service vehicle leasing, on the potential acquisition of GE Capital's European fleet management activity.

A Memorandum of Agreement with GE Capital was signed on June 29, 2015. The scope of the acquisition covers more than 160,000 vehicles in 12 European countries and is part of a global transaction by which Element Financial Corporation, Arval's partner in North America, has agreed to buy GE Capital Fleet Services' businesses in the United States, Mexico, Australia and New Zealand.

The transaction is due to complete during the fourth quarter of 2015, subject to the execution of final documentation after work council consultations, and to necessary regulatory approvals.

The White & Case team in Paris which advised on the transaction was led by partners Hugues Mathez and Franck De Vita with support from associates Noémie Baroux and Delphin Boucher. Counsel Clara Hainsdorf, with support from associates Caroline Lyannaz and Alexis Tandeau, advised on intellectual property aspects; partner Alexandre Jaurett, with support from associate Marie-Amélie Roger, advised on labor aspects; counsels Juliette Goyer and Orion Berg, with support from associates Emily Xueref-Poviac and Estelle Leclerc, advised on competition aspects; and partner Alexandre Ippolito, with support from associate Estelle Philippi, advised on tax aspects. New York-based partner Brian Smarsh, Brussels-based partner Mark Powell as well as other lawyers based in New York, Brussels, London, Frankfurt, Madrid, Hamburg, Stockholm, Milan and Munich, also provided advice.

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