Volkswagen AG and a German bank are closing in on a potential deal to sell LeasePlan Corp. to a London-based private equity firm in an agreement that would mark the second sale of a leading fleet management company in less than a year.
TDR Capital LLP would acquire the parent of the fourth largest U.S. fleet lessor for about $3.16 billion (3 billion euros) from Volkswagen and Bankiers Friedrich von Metzler in a deal that could be announced next week, Bloomberg is reporting.
LeasePlan manages 1.42 million vehicles spread across 32 countries. The company says it's the world's largest fleet manager.
In June, PHH Corp. divested its PHH Arval fleet management unit to Element Financial Corp. for $1.4 billion. Element later rebranded itself as Element Fleet Management.