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Volkswagen AG to sell 50% stake in LeasePlan

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24 March 2015

LeasePlan confirms profit up 14%
LeasePlan was bought by VW a decade ago, but industry experts believe the deal wasn’t as successful as they hoped

LeasePlan healthy as profits increase 14%

  • 2014 profit report EUR 372 million compared to EUR 326 million for 2013
  •  Total assets EUR 19.7 billion, compared to EUR 19.1 billion at year-end 2013
  •  Managed vehicles up from 1.37 million in 2013 to 1.42 million in 2014
  •  LeasePlan now covers North American after opening in Canada
  •  Acquiring full ownership over LeasePlan Turkey
  •  Current staff up from 2013 to 6,571

VOLKSWAGEN AG is looking to unload its 50% stake in LeasePlan Corporation NV.

The move comes as Volkswagen looks to drive efficiency and cost savings as it faces challenges with emerging markets, volatile currencies and slower than anticipated growth in China.

Dutch fleet management firm, LeasePlan, said that German private banker Friedrich von Metzler and Volkswagen – which have an equal 50% stake in the company through Global Mobility Holding BV – were in divestment discussions.

LeasePlan said last week that the talks “may or may not result in an agreement” but made no further comment.

It has since been reported that TDR Capital-Led Consortium could be set to buy LeasePlan for Over 3.2 Billion dollars; an announcement is expected any day now.

TDR, Volkswagen and Metzler spokesmen have all declined to comment on the sale to private-equity firm TDR Capital LLP and pension funds including Dutch PGGM; Sky News reported last week that PGGM is one of the bidders.

LeasePlan was bought in 2004 by Volkswagen and two sovereign-wealth funds from the Middle East from Dutch bank ABN Amro in a 2 billion Euro deal. In 2009, Metzler acquired the 50% stake from the Middle East investors.

The purchase of LeasePlan was originally intended to help boost Volkswagen’s sales, but industry experts think that this hasn’t fully gone to plan. LeasePlan also works alongside other car makers.

 

 

 

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