SG Fleet is set to buy the Australian and New Zealand-based business of LeasePlan, in a deal that is expected to be completed this summer.
The acquisition will create a company that manages 250,000 vehicles, worth more than £1.8 billion.
Each company will remain separate entities until completion of the deal, which we expect to happen between July and September 2021, subject to regulatory approvals.
SG Fleet CEO Robbie Blau commented: “This transformational transaction creates the ability to add scale across operations, funding and procurement activities. Greater scale will also allow us to step up our innovation efforts and create additional value for our customers.”
LeasePlan ANZ currently employs around 430 staff across nine locations in the two countries, managing around 103,000 vehicles across both locations (circa 85,000 vehicles in Australia and 18,000 in New Zealand, respectively).
Tex Gunning, CEO of LeasePlan Corporation, said: “We are very proud of the business we have built-up in Australia and New Zealand, and wish our colleagues every success as part of SG Fleet.”
As the acquisition of LeasePlan is for the Australian and New Zealand entities only, SG Fleet’s UK customers and suppliers will not see any direct change.
The company says UK customers will benefit from an enhanced products and services range, plus access to additional expertise and know-how from an experienced global business.
SG Fleet UK suppliers may be able to benefit from a wider range of supply requirements.