ALD Automotive has moved a step closer to acquiring LeasePlan after successfully raising €1.2 billion (£1bn) from issuing more than 160 million new shares.

ALD agreed to buy LeasePlan for €4.9 billion (£4.1bn), with the new leasing powerhouse to be called NewALD, in January. 

Following the successful rights issue, the acquisition of LeasePlan is now expected to be completed in Q1 next year.

Tim Albertsen, CEO of ALD, said: “I am delighted with the success of our rights issue, which was largely oversubscribed.

“ I would like to thank our existing shareholders for their continued support and welcome new investors in our capital.

“ALD has completed a key step towards the creation of the leading global sustainable mobility player.

“Both ALD and LeasePlan teams are looking forward to joining forces and generating value for our customers and our shareholders.”

The leasing company, which is owned by French bank Societe Generale, signed a memorandum of understanding to acquire 100% of LeasePlan from a consortium led by TDR Capital.

LeasePlan is one of the world's largest leasing companies, with approximately 1.9 million vehicles in more than 30 countries.

In the UK, LeasePlan was ranked as the fourth largest leasing company, according to FN50 2022, with a risk fleet of almost 177,000 cars and vans.

ALD Automotive, meanwhile, operates in 43 countries, with a similar sized global vehicle parc to LeasePlan. It was ranked fifth in FN50 2022,  with a risk fleet of almost 145,000 cars and vans.

The combined risk fleet of NewALD in the UK would make it the largest leasing company, with more than 300,000 vehicles, replacing Lex Autolease at the top of the FN50.