In-article:

ALD increases its capital by 1.2 billion euros to acquire LeasePlan

Societe Generale announced Tuesday the launch of a capital increase of its subsidiary ALD, specialist in the rental of long-term vehicles, for an amount of 1.2 billion euros, including 803 million contributed by the banking group.

This operation is carried out within the framework of the acquisition by ALD of its Dutch competitor LeasePlan, Europe’s number one car leasing company, for 4.9 billion euros, which obtained the green light from the European Commission last week.

The capital increase marks a major step in the creation of a major global player in sustainable mobility, benefiting from very complementary expertise, specifies the Société Générale in a press release.

The banking group, which currently holds 79.8%, plans to remain ALD’s majority shareholder over the long term with 53% of the capital following the acquisition. He undertook to guarantee the capital increase and not to sell his shares for a period of 40 months after the completion of the acquisition.

The European Commission, guardian of competition in the EU, gave the green light on Friday to the proposed takeover. Brussels feared that the operation would considerably reduce competition on certain markets, but ALD has undertaken to sell its activities in the six countries concerned (Czech Republic, Finland, Ireland, Luxembourg, Norway and Portugal).

Nobanques: the cheapest offers to control your budget

ALD, which is currently present in more than 40 countries, plans to complete the operation in early 2023 and should then have a fleet of 3.5 million vehicles, in a booming market in the long-term rental segment. .

source site-96