A consortium of investors has completed the final hurdle in the acquisition of LeasePlan from Global Mobility Holding BV, a joint venture of Volkswagen Aktiengesellschaft and Fleet Investments BV.

LeasePlan’s new 100% shareholder is LP Group BV, which represents a consortium composed of a group of long-term investors and includes leading Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and investment funds managed by TDR Capital LLP.

Vahid Daemi, CEO and chairman of the managing board of LeasePlan, said: “Our new shareholders fully support our growth ambitions and our long-term strategy to provide high-quality and leading-edge driver mobility solutions to our clients worldwide.

“We have shown our strength as an organisation in seizing opportunities to grow in a changing industry, now managing a fleet of 1.55 million vehicles worldwide. We look forward to continuing to deliver added value to our clients under the new ownership.”

Manjit Dale, founding Partner at TDR Capital LLP, on behalf of LP Group BV, said: “We are excited to have completed the acquisition of the market leader in global fleet management and driver mobility.

“We strongly believe in the future of LeasePlan, a company with an unmatched portfolio of market-leading assets, loyal clients, a highly dedicated employee base and a sound strategy for the future, under highly experienced management.

“We all look forward to supporting the management team as they continue their focus on growing the business.”

The acquisition with a total value of €3.7 billlion (£2.9bn), has been financed with an equity investment of approximately half of the total purchase price, a mandatory convertible note of €480 million (£375m) and on March 16, 2016, completed offer of senior secured notes comprising of euro-denominated senior secured notes due 2021 and US dollar-denominated senior secured notes due 2021 in total amounting to approximately €1.6bn (£1.25bn).

None of the debt raised by the Investors has been borrowed by LeasePlan and the company will not be responsible for the repayment of such debt. LP Group BV will maintain LeasePlan’s diversified funding strategy going forward supported by its investment grade rating.

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