LeasePlan Sale Clears Regulatory Hurdles in Europe
Photo courtesy of LeasePlan.
The European Central Bank has approved the sale of LeasePlan N.V. to an investor group, clearing the way for the closing of the transaction by April 1, the Dutch fleet management company has announced.
The bank has issued a "declaration of no objection for the acquisition of LeasePlan." Other regulators, including EU and local anti-trust authorities, have already approved the acquisition, according to a LeasePlan statement.
LeasePlan N.V., the largest global fleet management company, is being acquired by a consortium of investors in a $4.05-billion deal announced July 23. The investors include the Abu Dhabi Investment Authority (ADIA), Danish pension fund ATP, Singapore-based investment firm GIC, Dutch pension fund PGGM, and London-based private equity firm TDR Capital.
The consortium is purchasing the company from Global Mobility Holding, which is owned by Volkswagen A.G. and German banker Friedrich von Metzler.