ALD have announced the signing of a memorandum of understanding to acquire LeasePlan from a consortium led by TDR Capital. LeasePlan is one of the leading fleet management and mobility companies in the world by fleet size, with 1.8 million vehicles, making it the perfect fit for ALD to shape the industry’s transformation.
ALD is a global leader in mobility solutions providing full service leasing and fleet management services across 43 countries. It has a client base of large corporates, small and medium-sized enterprise (SME) companies, professionals and private individuals.
ALD places sustainable mobility at the heart of its strategy, delivering innovative mobility solutions and technology-enabled services to its clients, helping them focus on their everyday business. The company has 6,700 employees around the globe and ALD manages 1.76 million vehicles.
The proposed acquisition of Leaseplan will be for €4.9 billion and will be made through a combination of cash and shares. At closing, expected by the end 2022, Societe Generale would commit to being the majority shareholder owning 53 percent of “NewALD”, while Leaseplan shareholders would have 30.75 percent. The value of NewALD’s free float would be significantly higher than pre-closing.
NewALD would be able to benefit from a fast-growing market driven by strong underlying mega-trends. These include a shift from ownership to usership on all fronts, data-driven digital transformation of the mobility industry and the transition towards zero-emission and sustainable mobility.
This transformative deal would be a step-change that would position NewALD for long term fleet growth of at least six percent per annum post-integration. The deal is expected to provide attractive returns and significant value creation for investors.
Tim Albertsen, ALD CEO, said: “In the context of today’s transformation of the automotive and mobility sectors, which is proceeding at an unprecedented pace, this proposed transaction is instrumental in the creation of a leading global player in mobility.
“By combining the multiple strengths of ALD and LeasePlan, gaining size, joining forces in digital and creating a leading provider of sustainable mobility solutions, we would transform our industry and be best positioned to deliver even better solutions and value propositions to our enlarged client base.
“This transaction would create multiple opportunities to the joint management teams and talents of both companies, across geographies, underpin our focus on sustainability with a clear path to zero emissions mobility and not least deliver strong shareholder returns over the cycles. We are all very excited about the prospect of being part of this new venture.”
Tex Gunning, LeasePlan CEO, said: “The combined business would be instrumental in moving the automotive industry from ownership to subscription models and zero-emission mobility.
“From day one, NewALD would be operating one of the largest fleets of electric vehicles and will continue to set the standard for ESG in the mobility industry. We are looking forward to working with the excellent team at ALD and taking our combined business into the exciting future of mobility.”
Thanks to this proposed transaction NewALD will become a leading global provider of sustainable mobility solutions and the partner of choice for corporates to support the transition towards electric vehicles. NewALD will be led by Tim Albertsen as CEO.
