LeasePlan Corporation N.V. has signed an agreement with BAWAG P.S.K. Leasing GmbH, the Vienna, Austria-based leasing subsidiary of BAWAG P.S.K, to purchase that company’s vehicle leasing and fleet management business. BAWAG P.S.K. Leasing manages approximately 6,500 vehicles, according to LeasePlan. 

LeasePlan said this acquisition allows it to expand into the Austrian small and medium enterprise business sector and support the company’s selective growth strategy.

“This transaction represents one of the few inorganic growth opportunities available in the highly competitive Austrian leasing market,” said Nigel Storny, Managing Director at LeasePlan Austria. “This acquisition is a nice strategic fit to strengthen our core business, and we look forward to welcoming our new colleagues into LeasePlan.”

LeasePlan said it expects to complete the transaction during the third quarter of 2013.