SG Fleet acquires LeasePlan’s Businesses in ANZ
Announced today, LeasePlan Corporation and ASX-listed SG Fleet Group Ltd signed a Sale and Purchase Agreement (SPA) via which LeasePlan Corporation will divest 100% of its shares in LeasePlan Australia Ltd and LeasePlan New Zealand Ltd to SG Fleet.
The divestment comes with an international alliance agreement between the two companies, which 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 deal was agreed upon for a $273 million cash consideration and 13 per cent, or $114 million, equity interest in SG Fleet. SG will be raising funds to settle the cash part of the transaction, and involve Super Group (South-Africa) who will most probably remain SG Fleet’s largest investor.
Post-acquisition, SG Fleet will become ANZ’s largest FMO (Fleet Management Organisation), with a combined fleet of 250,000 vehicles and valued at $2.5 billion. “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.
The press release did not mention the partnership between SG Fleet and Alphabet, announced end of 2020.
The acquisition is expected to be finalized in the third quartter of 2021.
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