ALD to acquire LeasePlan for €4,2 billion
Two of Europe’s biggest leasing companies have signed a memorandum of understanding (MoU) for ALD to acquire Dutch Leaseplan for €4,2 billion by the end of 2022. Both parties have been talking with each other since October. Combining both fleets, the companies that will operate under the name of ‘NewALD’ will manage 3,42 million leased vehicles. A fleet that is to increase by 6% annually.
Both leasing giants aim to set up an Integration Management Office (IMO) in 2022 to finalize a joint migration plan. The press release states that the latter would foresee an interim period with a tactical approach focused on completing integration in the top 12 countries within 18 months. Another focus is on moving towards a digital operating model.
New global player
“Today marks the beginning of a new chapter in our history as a first step towards creating NewALD. In the context of today’s transformation of the automotive and mobility sectors, which is proceeding at an unprecedented pace, this proposed transaction is instrumental in the creation of a leading global player in mobility,” says Tim Albertsen, CEO of ALD
His peer at LeasePlan, CEO Tex Gunning, adds, “The combined business would be instrumental in moving the automotive industry from ownership to subscription models and zero–emission mobility. By joining forces with ALD, we combine the best talents in the industry with the investment power needed to meet the next generation mobility needs of our customers.”
€4,2 billion in cash and shares
The intended deal applies to all companies’ assets, excluding LeasePlan Australia and LeasePlan New Zealand, which were sold to SG Fleet as of 1 September 2021. In total, the takeover would represent a value of €4,2 billion, both in cash and shares.
In the NewALD company, LeasePlan shareholders would have 30,75%. LeasePlan today is owned by a consortium led by TDR Capital. ALD’s parent company Société Générale would hold 53% of the shares. ALD Automotive Group is active in 43 countries worldwide today, LeasePlan Corporation in 42.
According to the press release, NewALD would be led by Tim Albertsen, as CEO, “who would be able to rely on two highly experienced management teams with deep pools of talent and a proven track record of fast merger execution.”