Alphabet, the fleet management division of BMW Group, has confirmed that its 637 million euro deal to buy ING Car Lease has been completed and the new merged company will operate under the name Alphabet.
Today’s announcement comes in the wake of European competition authorities giving the green light to the Alphabet and ING Car Lease merger on September 23.
ING Car Lease's risk fleet of 49,544 vehicles with Alphabet's 51,767 vehicles would give the combined operation 101,311 vehicles and put it in the top five FN50 companies.
Alphabet said that the two companies are combining their assets and services to further expand their existing growth strategy and provides the ideal platform to develop and adapt future mobility services for customers’ needs.
“Alphabet and ING Car Lease complement each other well in all business areas,” said Norbert van den Eijnden, head of Alphabet International and co-CEO.
"It’s a perfect marriage that will open up many new opportunities for the company to become a genuine trendsetter in business mobility.”
For Ed Frederiks, former CEO of ING Car Lease and co-CEO of the integrated company, the impact for existing and future customers will be positive.
“Our customers and prospects will benefit from our stronger positioning and we will be able to optimise our portfolio,” he said.
“These two exceptional brands combined will ensure the best possible service and product offerings to our clients across Europe.
“We are building on the strong expertise and experience from the past to innovate and effectively incorporate sustainability and mobility in fleet management.”
A pivotal aspect of the company’s services is Alphabet’s strengthened multi-make approach across Europe, which offers the customers a wider range of options to meet fleet needs.
The next step for the combined business will be to integrate both operationally and culturally.
“We want to make sure that customers and employees feel comfortable with the combined companies”, said van den Eijnden.