LeasePlan completes sale of ANZ business to SG Fleet
LeasePlan has completed the sale of LeasePlan Australia and LeasePlan New Zealand to SG Fleet Group Ltd. In exchange, LeasePlan acquires a 13% equity interest in SG Fleet.
Global Fleet recently caught up with Robbie Blau for an interview. Click here to see the podcast.
As announced on 31 March, LeasePlan Corporation and ASX-listed SG Fleet Group Ltd have now completed a Sale and Purchase Agreement (SPA), via which LeasePlan Corporation will divest 100% of its shares in its Australian and New Zealand subsidiaries to SG Fleet.
The divestment is just one side of the deal. The other is an International Alliance Agreement between the two companies, which will see them exchange customer and business referrals, product know-how and innovation sharing with each other in markets where they do not compete with each other.
The deal was agreed upon for a AU$273 million cash consideration and 13% equity interest in SG Fleet, worth $114 million. LeasePlan CEO Tex Gunning will also be joining SG Fleet’s Board. Super Group (South Africa) will most probably remain SG Fleet’s largest investor for the foreseeable future.
With the acquisition complete and integration planning at an advanced stage, SG Fleet is now the largest fleet management organisation in Australia and New Zealand (ANZ). It manages a combined fleet of 250,000 vehicles, with a value of $2.5 billion.
According to Tex Gunning, CEO of LeasePlan, the deal creates “a true leasing powerhouse in Australia and New Zealand. The combined business will be in an even stronger position to lead the subscription megatrend and provide compelling products and services to customers in the region.”
“Greater scale will also allow us to step up our innovation efforts and create additional value for our customers,” said SG Fleet CEO Robbie Blau. “I look forward to Tex’s contributions as a Director as we embark on a truly transformational journey for SG Fleet." At the end of 2020, SG Fleet also announced a partnership with Alphabet.