The Volkswagen Group and two co-investors will take over the Dutch LeasePlan Corporation from ABN Amro Bank based in Amsterdam.
Following the completion of the transaction, the Volkswagen Group will hold 50% of the shares and the co-investors 25% each.
The acquisition is subject to regulatory approval, including the European Monopolies and Merger Commission as well as the Dutch Central Bank.
Dr Bernd Pischetsrieder, chief executive officer of Volkswagen Group, said: 'This acquisition is a decisive milestone for us and consistently follows our strategic roadmap to a global mobility group.'
Hugo Levecke, chairman of the managing board and chief executive officer of LeasePlan Corporation added: 'We are very pleased with this transaction. The combination of three long-term strategic shareholders will enable us to continue our business strategy focused on providing first class multi-brand fleet management services on a worldwide support throughout the years.
'We look forward to working together with Volkswagen Group, the Mubadala Development Company and Olayan Group, which we expect will bring, next to solid financial support, interesting strategic opportunities.'
LeasePlan Corporation manages 1.2 million vehicles.