Crédit Agricole Finalizes Acquisition of 30% Stake in Watèa by Michelin

Crédit Agricole Leasing & Factoring finalized the acquisition of a 30% stake in Watèa by Michelin, a provider of green mobility solutions.

The acquisition was first announced in December 2022. The partnership will accelerate the “greening” and access to low emission zone (LEZ) areas for commercial vehicles weighing under 3.5 tons.

By acquiring a stake in Watèa, Crédit Agricole Leasing & Factoring aims to offer its professional and corporate customers expanded electric mobility solutions, including the provision of electric utility vehicles on long-term leases, on-site or mobile recharging infrastructures, and digital applications to help customers in all business segments, including last mile delivery, services and maintenance, housing/construction, craftspeople, etc.

Crédit Agricole Leasing & Factoring is also aiming to support companies in their efforts to comply with regulations, as many diesel-powered commercial vehicles will eventually be refused access to low emission zones. In the Ile-de-France region, some of these vehicles will no longer be able to circulate beginning this July.

Hervé Varillon, CEO of Crédit Agricole Leasing & Factoring, and Hervé Leroux, deputy CEO of Crédit Agricole Leasing & Factoring, will sit on the board of directors of Watèa by Michelin. Three Crédit Agricole Leasing & Factoring employees also were seconded to Watèa as CFO, head of distribution and head of synergies with Crédit Agricole Group.

“I am proud to have been able to finalize this operation with Watèa by Michelin, a recognized and award-winning player in green mobility,” Varillon said. “There is no shortage of synergies and we are already working hand in hand to offer inclusive green mobility financing for very small businesses. We are therefore delighted to participate in the greening of professional fleets and we are convinced that this collaboration will be beneficial to all.”

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