LeasePlan Corporation N.V., a worldwide fleet and vehicle management company, has confirmed that LeasePlan Italy has completed the acquisition of the Italian fleet and vehicle leasing activities of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA).
The BBVA portfolio consists of approximately 20,000 vehicles and allows LeasePlan to further expand into the profitable Italian small and medium enterprise (SME) market, an area of the fleet and vehicle management industry in which LeasePlan already has considerable expertise globally, according to the fleet management company. The acquisition further supports LeasePlan’s selective growth strategy.
In completing the transaction, LeasePlan Italy acquired 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.
Alfonso Martínez Cordero, Managing Director of LeasePlan Italy noted that “finalizing this acquisition is another important milestone in LeasePlan Italy's strategy to increase our share of the competitive Italian market. Through this acquisition we will continue to expand our presence across both large corporations and the fast-growing segment of small and medium companies. We are convinced that the newly consolidated organization will reinforce and further optimize our capacity to deliver added value and service excellence to our entire client portfolio.”