Vehicle leasing company ALD is to sell six subsidiaries in Europe, as requested by the European Commission’s regulatory and antitrust requirements for the acquisition of LeasePlan, the companies said in a statement.
ALD’s acquisition of LeasePlan has been in the making since early 2022.
Specifically, the ALD subsidiaries in Ireland, Portugal and Norway will be sold, meanwhile, the LeasePlan subsidiaries in Luxembourg, Finland and the Czech Republic will also be sold off. All will be sold to Crédit Agricole Consumer Finance and Stellantis.
The two will jointly launch a new European vehicle leasing company in April.
As of 31 December 2022, the combined fleet of these six sold entities represents about 100,000 vehicles or 3% of the total combined fleet of ALD and LeasePlan.
The closing of ALD’s acquisition of LeasePlan will take place on 28 April, as ALD’s board of directors has decided to convene an extraordinary general meeting on that date to approve the acquisition.
Credit Agricole said its acquisition would be carried out by FCA Bank, then followed by a division of the acquired scope between:
- On the one hand, the NewCo resulting from the pooling of Leasys and Free2Move Lease and owned equally by CA Consumer Finance and Stellantis, which would host the activities of ALD in Portugal and LeasePlan in Luxembourg for a total of approximately 30,000 vehicles; and
- On the other hand, the entity formed by the takeover by Crédit Agricole Consumer Finance of 100% of the capital of FCA Bank and Drivalia, which would host the activities of ALD in Ireland and Norway and of LeasePlan in the Czech Republic and in Finland for a total of more than 70,000 vehicles.
Stéphane Priami, Crédit Agricole deputy general manager in charge of specialised financial services and CEO of Crédit Agricole Consumer Finance, said: “The acquisition of these six entities, together with Stellantis, is a great opportunity for us. An opportunity to seal our new partnership with Stellantis by looking together at a structuring development but to also take a significant step towards our objective of becoming one of the European leaders in the field of leasing and mobility.”
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