The deal is subject to regulatory approval but is expected to be completed in the third quarter of this year. The companies concerned together manage a portfolio worth E942 million and a fleet of nearly 85,000 vehicles and employ almost 500 staff.
A spokesman said: ‘The transaction will considerably improve LeasePlan’s position in several attractive growth markets in Southern Europe. Integrating the Europcar Fleet Services operations 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 offers in these countries.’
The market for operating leases in Europe is expected to increase further in volume in the coming years. The transaction therefore offers LeasePlan an interesting platform for further growth. LeasePlan is owned by a consortium which includes Volks-wagen Group, parent of Europcar Fleet Services.