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LeasePlan sold to consortium for £2.6 billion

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23 July 2015

FOLLOWING an initial attempt to sell LeasePlan which fell through Dutch joint venture Global Mobility Holding BV, which contains Volkswagen and Fleet Investments BV, has now sold its 100% shares in LeasePlan Corporation NV to a consortium of investors for €3.7 billion (about £2.6bn).

Both Volkswagen and Fleet Investments BV each held an indirect stake of 50% in LeasePlan.

The consortium buying LeasePlan is made up of a group of long-term investors including Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Merchant Banking Division of Goldman Sachs and investment funds managed by TDR Capital LLP.

On behalf of the consortium, Eric-Jan Vink of PGGM, said;

“As market leader in the global fleet management business, LeasePlan offers an attractive long-term investment opportunity.

“We are investing in the future of a company with an unmatched portfolio of market-leading assets, a highly knowledgeable and dedicated employee base and a sound strategy for the future, under highly experienced management. The Consortium looks forward to supporting the management team as they focus on growing the business.”

LeasePlan has said that the consortium supports its existing long-term strategy and recognises the skills of its workforce as a key asset to achieve LeasePlan’s growth ambitions. LeasePlan also said that it would continue its push for the high-quality fleet management and client driver mobility services.

CFO of Volkswagen Aktiengesellschaft, Hans Dieter Pötsch, said;

“Since Volkswagen acquired its stake in LeasePlan in 2004, the investment has developed positively. This development is reflected in the attractive offer received from the investors.

“With the expansion of our own fleet management activities at Volkswagen Financial Services, the time has, in our opinion, now come to hand LeasePlan over to new investors.”

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