Volkswagen has found a buyer for 50% of LeasePlan.

The German carmaker bought LeasePlan in 2004 along with a consortium of Middle Eastern investors.

However, late last year, those investors pulled out leaving Volkswagen with the option to become the outright owner of the multi-leasing company, which has over 130,000 vehicles leased to fleets in the UK and 1.2 million vehicles under its management across the world.

In February, Volkswagen began proceeding to buy the remaining 50% shares in the company.

At the time, Europe’s biggest carmaker said it was hoping to take over the shares at the beginning of 2010, at which point it would have outright control of the international leasing giant.

However, it refused to be drawn on its plans for the company, which suggested that it was already looking for a partner.

A LeasePlan spokesman in Holland, where the company is headquartered, assured that Volkswagen’s outright ownership would not affect its ‘independent’ lease company status, essentially meaning it will remain multi-marque.

This status has now been confirmed after Fleet Investments, an investment company of German banker Friedrich von Metzler, agreed to buy the remaining 50% of Leaseplan.

Metzler is expected to complete the £1.14 billion (Euro 1.3 billion) purchase by the autumn, once the transaction has been approved by the anti-trust authorities.

A statement confirmed that LeasePlan’s operations will remain unchanged by the buyout.

“LeasePlan is active on the global growth market of multi-brand fleet management and will continue to position itself as a brand-independent service provider,” it said.