Talks between LeasePlan's owners and an unnamed consortium over the sale of the leasing giant have been terminated.
The company confirmed that talks were ongoing with a group of investors interested in buying the leasing giant for more than £2 billion just a few weeks ago.
But now it says it’s been unable to reach an agreement on the change of ownership of LeasePlan and negotiations between parties have been ended.
LeasePlan’s owners Global Mobility Holding said it has no plans to pursue further options leading to a divestment of LeasePlan in the near future and confirmed that it will continue to support the company’s existing successful business approach.
“LeasePlan remains focused on its long-term strategy and growth plans, and on providing leading fleet management and driver mobility services to its clients worldwide,” it said, adding no further comment would be made at this stage.
The consortium is believed to have included private-equity firm TDR Capital LLP, Dutch pension fund PGGM, the Abu Dhabi Investment Authority (ADIA) and the Government Investment Corporation of Singapore (GIC).
During the past 50 years, LeasePlan has grown to become one of the world’s leading providers of fleet management services. It is active in 32 countries, operates a global fleet of 1.42 million vehicles and employs more than 6,800 staff.
It also runs a small Dutch bank and, because of its Dutch banking licence, any deal will have to be approved by the Dutch central bank and financial markets authority.
Last year’s FN50 revealed the company’s risk fleet in the UK had grown to 100,575 cars and 39,123 vans. At the same time it grew its asset base by £150m and is predicting a risk fleet of around 145,000 by the end 2015.
It also expects to grow its funded fleet by 30% over the next six years which, based on last year’s FN50 figures, would take it past 180,000 vehicles.