ALPHABET has announced it has acquired ING Car Lease – a division of ING Groep N.V.
The international multi-marque fleet management division of BMW Group has purchased the operation for 637m euros.
The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approvals.
‘In the growing European fleet management market, ING Car Lease is the perfect fit to complement the activities of Alphabet. Alphabet will increase the number of company car contracts under management to approximately 540,000 and thus consolidate its competitive lead in the European fleet management market,’ said Norbert van den Eijnden, head of Alphabet.
The strengthening of the fleet management business is in line with the BMW Group Strategy to be the leading provider of premium products and premium services for individual mobility.