Arval has completed the acquisition of GE Capital’s European fleet management activity, BNP Paribas has announced today (Wednesday, November 4).
The scope of this acquisition, which was first announced in June, covers more than 160,000 vehicles in 12 European countries, of which France, Germany and the UK represent more than three-quarters with total vehicle assets amounting to around €2.4 billion.
In the UK, Arval will transfer around 28,000 risk fleet assets from GE Capital's total risk fleet of 42,000. The balance will remain with GE Capital UK's equipment finance division. It takes Arval's total risk fleet to just over 138,000 vehicles, consolidating its position as the UK's fourth biggest contract hire company.
The transaction was finalised after Arval received approvals from the European Commission and all other relevant regulatory authorities.
This deal is part of a global transaction in which Element Financial, Arval’s strategic partner in North America, has also finalised the acquisition of GE Capital Fleet Services’ businesses in the United States (closed at the end of August) and in Mexico, Australia and New Zealand (closed at the end of September).
As a result, the Element-Arval Global Alliance now becomes a global leader with a fleet of more than 3 million vehicles in 47 countries.
Philippe Bismut, CEOof Arval, said: “We are very happy to welcome colleagues and clients of European GE Capital fleet services. Our clients will now benefit from greater geographical coverage and we’ll be redoubling our efforts to ensure our service quality and provide them with expert advice. With the strength of BNP Paribas and the expertise of our local teams, Arval now becomes the number one full-service vehicle leasing specialist in Europe. In addition, by enhancing our cooperation with Element Financial, we’re creating a stronger, more efficient worldwide network.”
- For the full 2015 FN50 listing, visit http://www.fleetnews.co.uk/fleet-leasing/fn50-data/