ALD is currently finalising its integration plan for LeasePlan and will begin rolling it out as soon as the acquisition closes.

Publishing its annual financial results, the vehicle leasing company says it expects the acquisition of fellow leasing giant LeasePlan to be completed by the end of March.

The aquition of LeasePlan by ALD Automotive for €4.9 billion (£4.1bn) was announced at the start of last year, with the new leasing powerhouse to be called NewALD. 

In December, ALD reported that it had successfully raised €1.2 billion (£1bn) from issuing more than 160 million new shares. 

Tim Albertsen, ALD CEO, said: “ALD has reached key milestones towards the acquisition of LeasePlan.

“With our successful rights issue end of 2022, we have secured the financing of the acquisition, which we target to close on 31 March 2023, subject to all conditions precedent being met.

“We have also finalised our plans for an efficient integration and are now ready to welcome the LeasePlan teams and start a new chapter of our development, where the combined entity will be ideally positioned to lead the transformation of the mobility industry.

“Both ALD and LeasePlan teams are excited about the future ahead and fully committed to generating value for our customers and shareholders.”

Acquisition-related costs hit €128 million (£113m) last year, and are estimated to reach somewhere in the region of €150-180m (£130-160m) this year.  

ALD expects the the combined businesses to result annual cost synergies of €440m (£388m) by 2025.

Financial performance in 2022

ALD’s global funded fleet grew to 1.413 million vehicles in 2022, an 3.1% increase on the previous year, while its used car sales brought in €747.6m (£660m), compared t €437.7m (£387m) in 2021.

Albertsen said: “In spite of a deteriorating geopolitical and macroeconomic environment, with continued disruptions of supply chains, ALD recorded a landmark year.

“We generated a net result well above one billion euros for the first time in our history, confirming the solidity of our business model through the cycle and our agility in challenging situations.

“This record financial performance reflects the commitment of our employees to achieve the highest standards of service quality and to fuel business growth in new market segments with innovative products, while maintaining a strong focus on operational excellence.”

The demand for electrification remains very strong, says ALD, with EVs accounting for 35% of ALD’s order book.

The ALD Electric offer (including charging) is now available in 34 countries, from 22 countries a year ago.