The long-term car rental companies ALD and LeasePlan announced on Wednesday the sale of several subsidiaries to Stellantis and Crédit Agricole, to meet the demands of the European competition policeman in the context of the acquisition of LeasePlan by ALD.
The activities of ALD, a subsidiary of Socit Generale, in Ireland, Norway and Portugal, as well as those of LeasePlan, Europe’s number one car leasing company, in the Czech Republic, Finland and Luxembourg, will be sold Stellantis and Crdit Agricole, which pooled their leasing activities, the groups explain.
These disposals are planned under the commitments made by ALD within the framework of the authorization by the European Commission of the merger between ALD and LeasePlan, explains Crdit Agricole in a press release.
The six subsidiaries represent approximately 100,000 vehicles, or 3% of the total combined fleet of ALD and LeasePlan as of December 31, 2022, specified Socit Generale.
A general meeting of ALD is also scheduled for April 28 to approve the acquisition of LeasePlan, a transaction which will be finalized the same day.
Announced at the end of 2022, the €4.5 billion purchase should allow ALD to become a leading global player with a fleet of 3.5 million vehicles.
But Brussels feared that the operation would considerably reduce competition in certain markets, in response to which ALD and LeasePlan agreed to sell activities in the six countries concerned.
The consumer credit subsidiary of Crdit Agricole and the car manufacturer Stellantis (Fiat, Peugeot, Citron, etc.) signed definitive agreements in April to create a European leader in long-term car leasing.