- Stellantis NV STLA and Crédit Agricole Consumer Finance JV inked a binding agreement to acquire ALD and LeasePlan's activities in Portugal and Luxembourg, respectively.
- The move comes after ALD's proposed acquisition of 100% of LeasePlan announced in January 2022.
- The acquisition follows the partnership agreements between Stellantis and Crédit Agricole Consumer Finance announced in December 2021, to create a joint venture, NewCo, a European company in long-term vehicle leasing.
- Also Read: Stellantis Launches Six Fiat Car Lines In Algeria; Reveals €200M In First Wave Of Investments
- "The acquisition of the entities in Portugal and Luxembourg is an excellent opportunity to strengthen the NewCo right from the start and an extra lever to increase its fleet to one million vehicles by 2026 as part of our aggressive Dare Forward 2030 strategy," said Stellantis chief affiliates officer Philippe de Rovira.
- The two parties also signed an agreement relating to the sale of ALD's activities in Ireland, Norway and Portugal, as well as LeasePlan's activities in the Czech Republic, Finland and Luxembourg.
- The transaction would consolidate the partnership between Stellantis and Crédit Agricole Consumer Finance and accelerate the development of the two companies in strategic European countries.
- The transaction is expected to be completed in the course of 2023.
- Also Read: Stellantis Considering Spain To Assemble Electric Cars
- Price Action: STLA shares are trading higher by 0.69% at $17.54 in premarket on the last check Wednesday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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