SG Fleet has announced it intends to acquire the Australian and New Zealand businesses of LeasePlan. The acquisition will create a $2.5 billion company with a highly compelling fleet management and leasing offering across Australia and New Zealand, with a combined 250,000 vehicles under management.
LeasePlan offers fleet management and leasing services in Australia and New Zealand to well-diversified customer base. LeasePlan is highly complementary to SG Fleet in terms of business activities, customer profile, product quality and service culture.
“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,” SG Fleet CEO Robbie Blau says.
SG Fleet has also signed an international alliance agreement with LeasePlan’s current owner, LeasePlan Corporation, which after completion will see the two companies provide customer referrals and know-how to each other in markets where they do not compete with each other.
“The agreement with LeasePlan Corporation will allow us to ensure a smooth transition for customers and also gives us the opportunity build a relationship with a major global player,” Mr Blau says.
SG Fleet aims to complete the transaction in the third quarter of this year, subject to regulatory approvals.