LeasePlan to Acquire Italy's BBVA
LeasePlan Corporation N.V., a fleet and vehicle management company, announced that it has signed an agreement to acquire the Italian fleet and leasing activities of Banco Bilboa Vizcaya Argentaria, S.A. (BBVA). The total BBVA leasing portfolio currently consists of approximately 20,500 vehicles and the acquisition allows LeasePlan to further expand into the Italian fleet and leasing market. The acquisition further supports LeasePlan's selective growth strategy, according to the company.
LeasePlan will acquire the entire share capital of two Italian entities, BBVA Renting S.p.A and BBVA Autorenting S.p.A. LeasePlan will refinance the entire business with its own funding. The transaction is expected to be completed during the first quarter of 2013 and is subject to customary closing conditions.
Alfonso Martinez Cordero, Managing Director of LeasePlan Italy, expressed his thoughts on the purchase: "The acquisition reinforces our position in the country, representing one of the few growth opportunities available in the highly competitive Italian leasing market. It will give us access to an attractive portfolio of both large corporations and small companies, and will allow us to continue to add value to our clients by realizing efficiencies and economics of scale. We will use the expertise we've acquired from our many years in the Italian fleet management market to make it a truly successful acquisition.