Element CEO Laura Dottori-Attanasio characterized the move as a rare opportunity to scale operations in a region where the company already maintains a long-standing presence through its subsidiary, Custom Fleet. The current proposal includes a conditional sweetener, offering to bump the price to A$4.00 per share if the FleetPartners board agrees to a three-week period of hard exclusivity by August 11.

While Element emphasizes the strategic logic of combining the two entities, the deal remains in the preliminary stages. The proposal is currently non-exclusive, leaving the door open for FleetPartners to entertain competing offers. Should the acquisition proceed, it would require customary regulatory and shareholder approvals, alongside the successful completion of due diligence. For now, both companies continue to function as independent entities, with no immediate changes to their respective client services or day-to-day operations.