LeasePlan sale gets green light from ECB

The European Central Bank (ECB) has issued a 'declaration of no objection' for the €3.7bn (£2.8bn) acquisition of LeasePlan by a consortium.

LeasePlan sale gets green light from ECB

The consortium is composed of a group of long-term responsible investors and includes leading Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and investment funds managed by TDR Capital.

Leaseplan is wholly owned by Global Mobility Holding, a joint venture of Volkswagen Aktiengesellschaft and Fleet Investments B.V.

On 23 July 2015, LeasePlan announced that the consortium had reached an agreement with the current owners to acquire LeasePlan, subject to the approval of the relevant regulatory authorities.

Other regulators, including EU and local anti-trust authorities have already given clearance for the acquisition.

Global Mobility Holding has informed LeasePlan that closing of the transaction is still expected in Q1 2016.

Speaking to Leasing Life and Motor Finance about the deal last September, LeasePlan’s chief commercial officer Nick Salkeld said: “The deal came around because VW felt that with the expansion of its own fleet management activities at VW Financial Services it was the right time to hand us to a new shareholder. It’s a very broad consortium of long-term investors, which is positive for us in terms of future investment.

“The consortium fully supports our current business strategy and the management team which is critical for our future growth. Vahid Daemi, our chief executive officer and chairman, as well as the senior management team will continue to hold their roles. The consortium made a clear statement that it wants to invest in LeasePlan’s business strategy and growth.”