Finance

French company pays 4.9 billion for Dutch LeasePlan

The French lease company ALD buys the Dutch LeasePlan for 4.9 billion euros. Together, the two become one of the largest players in the business and private car leasing space.

LeasePlan and ALD believe that they can save on costs together by purchasing more cars and tires together. They also think that together they can respond better to the growth in the number of electric cars.

Société Générale

Leaseplan is still owned by a number of investors, including healthcare pension fund PGGM. ALD is part of the large French bank Société Générale. The latter wants to keep 53 percent of the shares in the new combination.

Leaseplan’s current shareholders will receive 30.75 percent of the new company. ALD is listed and will remain so.

Exhibition plans

With this, Leaseplan will still go public, albeit via a detour. In 2018 LeasePlan still had the plan to go public, but in November of that year the plans were canceled for the second time in a short time. Market conditions would be bad to go public then.

Shortly after canceling its IPO plans for the second time, LeasePlan said it was no longer expected to go public in the coming years.

The then CEO Gijsbert de Zoeten and COO Marco van Kalleveen resigned shortly after the cancellation of the exhibition plans. Later it turned out that this was not of free will. Together they received almost 2.4 million euros.

LeasePlan recently sold Carnext, where used cars can be traded, to the British Constellation Automotive Group.

Already taken over

Founded in 1963, LeasePlan is active in many countries and manages around 1.8 million cars worldwide. In the past, the company was owned by ABN Amro and Volkswagen, among others, for a number of years, after which it was acquired in 2016 by a consortium including pension provider PGGM.

ALD manages nearly 1.7 million cars.

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