Toronto-based Element Fleet Management Corp.—the largest publicly traded, pure-play automotive fleet manager in the world—announced it has entered into a definitive agreement to acquire Tel Aviv-based Autofleet, an innovator in fleet and mobility solutions. Autofleet has a robust and highly scalable fleet optimization technology platform alongside optimized mobility solutions tailored for the fleet industry. Terms of the transaction are undisclosed.

Bennett Jones is acting for Element with a team led by Curtis Cusinato and Andrew Bozzato, and includes Olivier Caron and Doug Scully (Mergers & Acquisitions).

The deal is expected to be completed in the early fourth quarter of 2024, subject to customary closing conditions.