Volkswagen Aktiengesellschaft (VW) and Fleet Investments, owned by German banker Friedrich von Metzler, has sold fleet management company LeasePlan to a consortium of investors for €3.7bn.

In 2004 VW acquired 50% of Leaseplan as part of a consortium alongside Mubadala Development Company (25%) and the Olayan Group (25%) for a combined reported €2bn. In 2010 Fleet Investments bought the 50% not owned by VW.

Hans Dieter Pötsch, chief financial officer of VW said: "Since Volkswagen acquired its stake in LeasePlan in 2004, the investment has developed positively. This development is reflected in the attractive offer received from the investors."

"With the expansion of our own fleet management activities at Volkswagen Financial Services, the time has, in our opinion, now come to hand LeasePlan over to new investors,"

In 2014, Leaseplan reported a net income of €372m, up 14% year-on-year. The number of vehicles under its management increased from 1.37m in 2013 to 1.42m in 2014. It operates in 32 countries globally and has a workforce of over 6,800 people.

The Consortium which has bought the LeasePlan includes Dutch pension fund service provider PGGM, Danish pension fund ATP, GIC, Luxinva, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Merchant Banking Division of Goldman Sachs and investment funds managed by TDR Capital.

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Eric-Jan Vink of PGGM, on behalf of the Consortium, said: "As market leader in the global fleet management business, LeasePlan offers an attractive long-term investment opportunity. We are investing in the future of a company with an unmatched portfolio of market-leading assets, a highly knowledgeable and dedicated employee base and a sound strategy for the future, under highly experienced management. The Consortium looks forward to supporting the management team as they focus on growing the business."

The Consortium said it supported LeasePlan’s existing management and strategy. Vahid Daemi will continue on as chief executive officer and chairman of the managing board.

Daemi said: "The change of ownership announced today marks a new era for our company and will enable LeasePlan to continue our successful journey and focus on executing our long-term strategy and growth ambitions. We remain fully committed to providing high quality and innovative fleet management and driver mobility services to our clients worldwide.

Leaseplan said it had been informed by the Consortium that it intended to finance the acquisition with an equity investment of approximately half of the total purchase price, a mandatory convertible note of €480m and a cash-pay debt facility of €1.5bn. The debt facility is being provided by an international syndicate of lenders. None of the debt raised by the Investors would be borrowed by LeasePlan and the company would not be responsible for the repayment of such debt.

The deal is still subject to regulatory approval, but is expected to be completed by the end of the year.