VW, Fleet Investments to sell entire stake in LeasePlan Corp to investors for $4 bn
23 Jul 2015
German car maker Volkswagen Aktiengesellschaft (VW) and Fleet Investments B V today agreed to sell their entire stake in leasing and fleet management company LeasePlan Corporation N V to a consortium of investors for €3.7 billion ($4 billion).
The consortium buying LeasePlan includes Dutch pension fund service provider PGGM, Denmark's largest pension fund ATP, GIC, Luxinva S.A., a wholly-owned subsidiary of the Abu Dhabi Investment Authority, the merchant banking division of Goldman Sachs and investment funds managed by TDR Capital LLP.
VW and Fleet Investments, an investment company of the German banker Friedrich von Metzler, each hold an indirect 50 per cent stake in LeasePlan via Dutch joint venture Global Mobility Holding B.V.
''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,'' he added.
LeasePlan is the world's largest provider of fleet management services. It operates in 32 countries around the world, has a workforce of more than 6,800 people, has about 1.5 million vehicles under contract.
In 2014, LeasePlan reported net income of €372 million.
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