Closing of the acquisition of LeasePlan by ALD
Societe Generale, the long-term majority shareholder of ALD, announces the closing today by its subsidiary of the acquisition of 100% of LeasePlan from a consortium led by TDR Capital. The combination of the activities of ALD and LeasePlan, two leading players in the sector, aims to create the world leader in sustainable mobility solutions.
This acquisition combines the strengths of two industry leaders with highly complementary expertise to create a new mobility player, ideally positioned to support the sector’s transformation. In a growing market, driven by long-term trends, this acquisition represents an opportunity to support the evolution of practices from ownership towards usership, to drive the digital transformation of the mobility sector around the use of data and to accelerate the transition towards sustainable mobility solutions.
The new combined entity will be well positioned to deliver profitable growth drawing on a fleet of around 3.3 million vehicles, including the largest multi-brand electric vehicle fleet worldwide, and a direct presence in 44 countries covering all customer categories. The combined entity will leverage on scale and complementary capabilities to strengthen its competitiveness, while generating substantial synergies. With this unique combination, clients will benefit from an enriched comprehensive offering including leasing, fleet management and mobility solutions, combined with a wider geographical coverage with an optimized organization in terms of operational efficiency and procurement.
The new company will be led by Tim Albertsen, current Chief Executive Officer of ALD Automotive, who has been appointed Chief Executive Officer. He will be supported by two Deputy CEOs as well as an executive committee of 13 members1.
The closing of ALD’s acquisition of LeasePlan is an important milestone for Societe Generale in its ambition to position itself as a global leader in mobility. This new company will be a strong asset - among the continuum of services the Group is offering in the automotive and mobility sectors - to reinforce Societe Generale’s leading positions in sustainable mobility solutions, financing, and insurance. Societe Generale has already developed well-established and complementary franchises in European markets: consumer credit in three main markets (financial lease, floor plan) via CGI Finance, BDK and Fiditalia, respectively No. 1 in France, No. 2 in Germany, and No. 4 in Italy (excluding manufacturers' captives), insurance, wholesale financing, and finally three used car remarketing platforms (ALD CarMarket, Reezocar and Juhu Auto). Bringing the Group’s ambition in the mobility area to the next level also reflects its determination to actively support economies and its clients in their transitions.
The completion of the acquisition has been approved by the relevant regulatory authorities and the integration of the two companies into the new entity will now begin. The years 2023 and 2024 will be an intermediate period with the implementation of gradual integration. From 2025, the new entity will transition to the target operating model in particular with the implementation and the stabilization of IT and operational processes.
The impact of this acquisition on the Societe Generale Group's CET1 capital ratio is expected to be 39 basis points.
Societe Generale, ALD and LeasePlan are fully committed to ensuring a smooth implementation of this transaction for the benefit of their clients.
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
Note to editors:
1 Link to ALD press release with detailed governance and related appointments