ALD Automotive has entered into a definitive agreement with MKB Bank and Letét, to acquire 100% of the shares of the Hungarian fleet management company MKB-Euroleasing Autópark and its Bulgarian subsidiary MKB-Autopark Eood.

MKB-Euroleasing Autópark owns a fleet of nearly 9,400 vehicles – 7,700 in Hungary and 1,700 in Bulgaria.

Société Générale Group’s fleet arm, has been present in Hungary for 10 years and manages today 6,000 cars for its 500 clients. In Bulgaria, where the activities started a year and a half ago, ALD Automotive manages 2,200 vehicles for 85 clients.

"With this transaction, ALD Automotive reinforces its European leadership, notably in these two countries, enabling the company to become a major player on the Hungarian fleet market and toconsolidate its leading market position in Bulgaria. This new acquisition reflects the commitment of ALD Automotive to keep on developing its commercial activities," wrote ALD Automotive.

The closing of the transaction is expected mid-2016, subject to local authorities’ approval.

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By GlobalData