LeasePlan Corporation has signed an agreement with BAWAG PSK Leasing GmbH, the leasing subsidiary of BAWAG PSK, to purchase their vehicle leasing and fleet management activities based in Vienna, Austria.
LeasePlan will acquire 100% of the share capital of BAWAG PSK Fuhrparkleasing GmbH. The acquisition entails some 6,500 cars and allows LeasePlan to further expand into the profitable Austrian small and medium enterprise sector, an area of the fleet and vehicle management industry in which the group already has considerable expertise globally.
The acquisition further supports LeasePlan’s selective growth strategy.
Nigel Storny, managing director at LeasePlan Austria, said: “This transaction represents one of the few inorganic growth opportunities available in the highly competitive Austrian leasing market.
“This acquisition is a nice strategic fit to strengthen our core business, and we look forward to welcoming our new colleagues into LeasePlan.”
The transaction is expected to be completed during the third quarter of 2013 and is subject to customary closing conditions including obtaining approval from the Austrian anti-trust authorities.