Crédit Agricole Consumer Finance signed a binding agreement with its partner Stellantis for the acquisition of ALD’s activities in Ireland, Norway and Portugal, as well as LeasePlan’s activities in the Czech Republic, Finland and Luxembourg, representing a total fleet of more than 100,000 vehicles and total leasing assets of approximately €1.7 billion ($1.85 billion).
This announcement follows the creation of a common NewCo, a European company in long-term vehicle leasing, and the takeover by Crédit Agricole Consumer Finance of 100% of FCA Bank’s capital.
The acquisition would be carried out by FCA Bank, then followed by a division of the acquired scope between:
- NewCo, resulting from the pooling of Leasys and Free2Move Lease and owned equally by Crédit Agricole Consumer Finance and Stellantis, which would host the activities of ALD in Portugal and LeasePlan in Luxembourg for a total approximately 30,000 vehicles
- The entity formed by the takeover by Crédit Agricole Consumer Finance of 100% of the capital of FCA Bank and Drivalia, which would host the activities of ALD in Ireland and Norway and of LeasePlan in the Czech Republic and in Finland for a total of more than 70,000 vehicles.
NewCo aims to increase its fleet to 1 million vehicles by 2026. Together, Leasys and Free2move Lease currently represent a fleet of approximately 828,000 vehicles.
“The acquisition of these six entities, together with Stellantis, is a great opportunity for us,” Stéphane Priami, deputy general manager at Crédit Agricole Consumer Finance, said. “An opportunity to seal our new partnership with Stellantis by looking together at a structuring development but also take a significant step towards our objective of becoming one of the European leaders in the field of leasing and mobility.”
The completion of the transaction, expected in 2023, is subject to the customary conditions precedent in this area, namely the completion of the acquisition of LeasePlan by ALD and the approval of the competent authorities.
