Daimler Financial Services has announced a strategic investment into the growth of its fleet management and has signed an agreement to purchase Athlon Car Lease International B.V. for the amount of € 1.1 billion (U.S.$1.2 billion) from the Dutch De Lage Landen group, a subsidiary of Rabobank.

The future business of the consolidated fleet operations between Daimler Fleet Management and Athlon will operate under the Athlon brand. As a result of this strategic acquisition, Daimler Financial Services said it strengthens its foothold in Europe with a fleet management portfolio of approximately 340,000 passenger cars and vans.

“Today, fleet customers do expect a flexible management of their mobility needs across brands around their fleets. Rental, leasing, corporate carsharing and comprehensive reporting are key elements of our fleet management value proposition,” stated Klaus Entenmann, chairman of Daimler Financial Services AG.

Closing the purchase is subject to all required approvals and consents being obtained from the necessary regulatory authorities and other relevant bodies, and is expected in the fourth calendar quarter of 2016 at which time further details will be provided, according to Daimler.