VW and Dutch company Fleet Investments are to dispose of their holding in LeasePlan, a leasing and fleet management company.
The total value of the transaction is put at “about EUR3.7bn” and the deal is expected to be completed by the end of the year, subject to the approval of regulatory authorities.
“Since Volkswagen acquired its stake in LeasePlan in 2004, the investment has developed positively. This development is reflected in the attractive offer received from the investors,” said Hans Dieter Pötsch, CFO of Volkswagen Aktiengesellschaft. “With the expansion of our own fleet management activities at Volkswagen Financial Services, the time has, in our opinion, now come to hand LeasePlan over to new investors,” Pötsch added.
LeasePlan is currently represented in 32 countries throughout the world, has a workforce of more than 6,800 people, has about 1.5m vehicles under contract and is “therefore the world’s largest provider of fleet management services”, according to VW.
In 2014, LeasePlan reported net income of EUR372m. Through the Dutch joint venture Global Mobility Holding B.V., Volkswagen Aktiengesellschaft and the Dutch company Fleet Investments B.V., an investment company of the German banker Friedrich von Metzler, each hold an indirect stake of 50 percent in LeasePlan.