9:49 am, January 7, 2022
Private equity fund TDR Capital has agreed to sell LeasePlan to leasing company ALD for £4.1bn.
A memorandum of understanding has been signed for ALD to acquire 100 per cent of the business from a consortium led by TDR Capital, the firm that also owns Constellation Automotive.
The deal will see ALD and LeasePlan merge to create NewALD. It believes there will be plenty of opportunities as the companies move towards zero-emission and sustainable mobility for the new business.
LeasePlan is already one of the world’s largest leasing companies, with more than 1.8m cars in its fleet and operations across 32 countries.
ALD, which is owned by Société Générale, covers 43 countries directly with 1.7m contracts. Combined as NewALD, it will have one of the largest fleets in the world.
Tim Albertsen, CEO of ALD, said: ‘Today marks the beginning of a new chapter in our history as a first step towards creating NewALD.
‘In the context of today’s transformation of the automotive and mobility sectors, which is proceeding at an unprecedented pace, this proposed transaction is instrumental in the creation of a leading global player in mobility.
‘By combining the multiple strengths of ALD and LeasePlan, gaining size, joining forces in digital and creating a leading provider of sustainable mobility solutions, we would transform our industry and be best positioned to deliver even better solutions and value propositions to our enlarged client base.’
Tex Gunning, chief executive of LeasePlan, added: ‘The combined business would be instrumental in moving the automotive industry from ownership to subscription models and zero-emission mobility.
‘By joining forces with ALD, we combine the best talents in the industry with the investment power needed to meet the next generation mobility needs of our customers.
‘From day one, NewALD would be operating one of the largest fleets of electric vehicles and will continue to set the standard for ESG in the mobility industry.’
