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. Last Updated: 07/27/2016

European Car Deals

PARIS -- French banking group BNP Paribas said Tuesday it had signed a deal with rental car company Avis Group Holdings Inc. to establish a joint venture offering car fleet management and leasing services to firms.

The partnership will be based on Avis' PHH Vehicle Management Services and BNP Paribas' Arval operations. Under the deal, BNP Paribas will pay $800 million to buy an 80 percent interest in a joint venture that will own PHH Europe. The companies will look to merge PHH Europe with Arval's European operations within a year.

"This joint venture will create the leading vehicle management solutions brand in North America and Europe," BNP said in a statement.