ALD Automotive, a French fleet managing and operational car leasing company, has announced the completion of its acquisition of LeasePlan, a fleet management and mobility company based in the Netherlands, from a consortium led by TDR Capital.
The acquisition, valued at €4.8bn, was financed through a combination of cash and ALD shares. This strategic move establishes the combined group as the leading player in sustainable mobility worldwide, managing a total fleet of 3.3 million vehicles.
By uniting with LeasePlan, ALD said that it is driving the transition towards a net-zero future and spearheading the digital transformation of the industry. Leveraging our scale and complementary capabilities, we will enhance competitiveness, achieve sustained growth, and realize annual run-rate synergies of €440m.
With strong recurring margins and increased resilience throughout economic cycles, ALD is committed to delivering best-in-class efficiency and attractive shareholder returns.
With the completion of the LeasePlan acquisition, ALD now operates as a Financial Holding Company, subject to regulation and supervision by the European Central Bank. ALD maintains a robust capital position, which opens up possibilities for potential credit rating upgrades.
Societe Generale, demonstrating its long-term commitment, remains the majority shareholder of ALD, holding 52.6% of the capital with a lock-up period of 40 months. Former LeasePlan shareholders hold 30.75% of the combined entity’s capital, with a lock-up commitment of 12 months. The remaining 16.6% represents the free float.
From 22 May 2023, LeasePlan’s results will be consolidated into ALD’s financial statements, marking a significant milestone in our journey forward.
ALD CEO Tim Albertsen said: “Today is a historical day for ALD and LeasePlan and marks the beginning of a new era in mobility. By bringing together our complementary capabilities and expertise, we are well-positioned to capture the sector’s tremendous growth opportunities.
“Our focus going forward will be to leverage our unique position to lead the energy transition through innovative solutions, including digital platforms, to encourage large scale adoption of sustainable mobility, whether it be through low emission vehicles or multi-mobility solutions.
“With a combination of talent at ALD and LeasePlan, our teams are fully committed to creating the leading global sustainable mobility player and delivering value for all of our stakeholders. We are all very excited about starting this new venture together.”