News that matters for fleet decision-makers
The Whole Life Cost Calculator - FleetPoint

ECB Gives Go Ahead On LeasePlan Sale

By Maddy Price
Tuesday, February 2, 2016 - 14:44

Comments (0)

Leaseplan

The European Central Bank has given the go ahead for the £2.6 billion (€3.7bn) acquisition of LeasePlan by a consortium of investors. The deal must now be passed for clearance by other regulators, including EU and Local Anti-trust Authorities but if expected to be finalised within the coming weeks.

Through the joint venture, Volkswagen and Fleet Investments BV, an investment company of the German banker Friedrich von Metzler, each held an indirect stake of 50% in LeasePlan.

“Since Volkswagen acquired its stake in LeasePlan in 2004, the investment has developed positively.” said Hans Dieter Pötsch, CFO of Volkswagen Aktiengesellschaft, however as VW has its own in-house leasing business, VW Leasing GmbH, it had become harder to justify the 50% stake it has had in LeasePlan.

The consortium of businesses heading the acquisition include Dutch pension fund service provider  PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and investment funds managed by TDR Capital LLP.

LeasePlan said the consortium supports its existing long-term strategy and growth ambitions and recognises the expertise of its workforce as a key asset for successfully executing this strategy.

Eric-Jan Vink of PGGM, on behalf of the consortium, said: “As market leader in the global fleet management business, LeasePlan offers an attractive long-term investment opportunity. We are investing in the future of a company. The Consortium looks forward to supporting the management team as they focus on growing the business.”

Comments

The comments are closed.