ALD, a Societe Generale subsidiary specializing in long-term vehicle leasing, announced on Monday that it had finalized the acquisition of its Dutch competitor LeasePlan, a 4.8 billion euro transaction aimed at forming a giant in the sector.
In November 2022, the European Commission gave the green light to this project to acquire 100% of the capital of Europe’s number one car leasing company from a consortium led by TDR Capital.
This structuring acquisition represents a major step positioning the combined group as the world leader in sustainable mobility, ALD said in a press release following an extraordinary general meeting.
Present in 44 countries, with 15,700 employees and covering all customer categories, from individuals to large companies, the new entity will have a fleet of around 3.3 million vehicles.
It is counting on 440 million euros in synergies after the integration, planned gradually until 2025.
By bringing together our complementary capabilities and expertise, we are well positioned to seize the considerable growth opportunities in the sector, said Tim Albertsen, Chief Executive Officer of ALD, a 52.6% subsidiary of Socit Generale.
Our goal going forward will be to capitalize on our unique positioning to lead the energy transition through innovative solutions, including digital platforms, to encourage the large-scale adoption of sustainable mobility, whether through low-emission vehicles or multimodal solutions, he added.
Booming, the rental of long-term vehicles is an increasingly important market for banking players.
Socit Generale wants to make this sector the third pillar of its activities, alongside retail banking and insurance on the one hand, and corporate and investment banking on the other.