BERLIN: German auto giant Volkswagen and Dutch company Fleet Investments said Thursday they would sell the global fleet management company LeasePlan Corp for about 3.7 billion euros ($4.0 billion).
The sale to a consortium of pension funds, global investment companies and private equity firms is expected by the end of this year, pending approval by regulatory and anti-trust authorities, they said.
LeasePlan has some 1.5 million vehicles under contract in 32 countries, with a workforce of over 6,800. Last year it reported net income of 372 million euros, the companies said.
“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 VW chief financial officer Hans Dieter Poetsch.
“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.”
The group of prospective buyers includes investment bank Goldman Sachs, the Dutch and Danish pension funds and a subsidiary of the Abu Dhabi Investment Authority, LeasePlan said in a statement.