ALD Automotive, a leasing and mobility subsidiary of major French bank Société Générale, has announced it will take on its rival Leaseplan for 4. 4.9 billion. The joint venture NewALD is primarily to grow with e-mobility services.
The merger is expected to generate 3.5 million vehicles by the end of 2022 and NewALD, one of the largest electric vehicle fleet. NewALD is expected to purchase 800,000 vehicles a year, so it aims to grow six percent of its inventory.
In its self-proclaimed “Global Mobility Player”, NewALD says it wants to work on three strategic focal points. First, the company wants to push “transition from ownership to ownership on all fronts” – not just for the business market, but for private clients as well. Second, it wants to drive the “data-driven digital transformation of the mobility industry”. And particularly relevant from an eMobility perspective: NewALD wants to establish itself as a leading provider of “sustainable motion solutions”. This includes not only electric-powered vehicles, but also multimodal offers for staff mobility.
LeasePlan is currently owned by a consortium around financial investor TDR Capital. According to the announcement, current LeasePlan shareholders will own 30.75% of NewALD. The Society General holds 53 per cent. The major French bank also announced its desire to be a long-term majority shareholder. The remaining shares are in free float.
“By combining and scaling the many strengths of ALD and LeasePlan, digitally integrating and creating a leading provider of sustainable motion solutions, we will transform our industry and be in a better position to deliver even better solutions and value proposals to our expanded customer base.” Tim Albertson said LeasePlan CEO Tex Gunning added: “This transaction, across geography, creates multiple opportunities for joint management teams and talents of both companies, focuses on consistency with a clear path to zero emissions movement and does not provide strong shareholder returns in cycles. . “