The Australian and New Zealand businesses of LeasePlan are set to be acquired by SG Fleet, the fleet management and leasing specialist has announced.
The acquisition, with a combined 250,000 vehicles under management, will create a $2.5 billion company with a highly compelling fleet management and leasing offering across Australia and New Zealand.
LeasePlan is considered highly complementary to SG Fleet in terms of business activities, customer profile, product quality and service culture.
“This transformational transaction creates the ability to add scale across operations, funding and procurement activities,” said Robbie Blau, SG Fleet CEO.
“Greater scale will also allow us to step up our innovation efforts and create additional value for our customers,” he said.
SG Fleet has also signed an international alliance agreement with LeasePlan’s current owner, LeasePlan Corporation, which after completion will see the two companies provide customer referrals and know-how to each other in markets where they do not compete with each other.
“The agreement with LeasePlan Corporation will allow us to ensure a smooth transition for customers and also gives us the opportunity build a relationship with a major global player,” Blau added.
SG Fleet aims to complete the transaction in the third quarter of this year, subject to regulatory approvals.
The acquisition provides closure to SG Fleet’s plan to take over LeasePlan after its initial overtures were scuttled back in 2017.