PE-backed Consortium to Acquire LeasePlan in €3.7B Deal
July 24, 2015
A consortium comprised of TDR Capital, Goldman Sachs and Danish pension fund ATP, among others, has entered into an agreement to acquire LeasePlan from a joint venture comprised of Volkswagen and Fleet Investments. The total value of the transaction amounts to about €3.7 billion. Established in 1963, LeasePlan is a global fleet management and driver mobility company, employing over 6,800 people and managing some 1.5 million multi-brand vehicles across 32 countries; in 2014, LeasePlan generated a net profit of €372 million. The transaction, expected to close by year end, will be financed with an equity investment of roughly half of the total purchase price, a mandatory convertible note of €480 million and a cash-pay debt facility of €1.55 billion. None of the debt raised by investors will be borrowed by LeasePlan and the company will not be responsible for the repayment of such debt.