The deal is subject to regulatory approval but is expected to be completed in the third quarter of this year.
A spokesman said: ‘The transaction will considerably improve LeasePlan’s position in several attractive growth markets in Southern Europe. Integrating the Europcar Fleet Services companies into the LeasePlan companies in Italy, Portugal and Spain will take about a year. The integration will further strengthen LeasePlan’s sales channels, client segments and product offer in these countries.
He added: ‘The market for operating leases will increase further in volume in the coming years. LeasePlan is developing an ever-broader product package for an ever-wider client group in this market. The transaction therefore offers LeasePlan an interesting platform for further growth. The companies concerned together manage a portfolio worth €942 million and a fleet of nearly 85,000 vehicles and employ almost 500 staff.’