Deals
Canada Pension, Onex Are Said to Lead Element Fleet Bidding
- KKR also making offer for vehicle, equipment leasing company
- Element rises as much as 10 percent as sales process advances
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Canada’s largest pension fund and Onex Corp. have teamed up to bid for Element Fleet Management Corp., with KKR & Co. also making an offer for the commercial vehicle and equipment leasing company, according to people familiar with the matter.
The group comprised of Canada Pension Plan Investment Board and Onex is the leading bidder at this stage of the sale process, said the people, who asked not to be identified because the details aren’t public. A deal to take Toronto-based Element private could be reached as early as this year, they said.