Stellantis and Crédit Agricole Consumer Finance Joint Venture Plans to Acquire Activities of ALD in Portugal and LeasePlan in Luxembourg
NewCo, resulting from the consolidation of Leasys and Free2move Lease and owned equally by Stellantis and Crédit Agricole Consumer Finance, continues to strengthen its position to be a leading leasing provider in Europe Represents another strategic move from Stellantis’ Financial Services business to contribute to Dare Forward 2030 ambitions
Stellantis and Crédit Agricole Consumer Finance today announce that they have signed a binding agreement for the acquisition of ALD and LeasePlan’s activities in Portugal and Luxembourg, respectively, following ALD’s proposed acquisition of 100% of LeasePlan announced in January 2022.
This announcement constitutes an immediate acceleration of the two companies’ ambitions in mobility and vehicle long-term leasing.
This announcement follows the partnership agreements between Stellantis and Crédit Agricole Consumer Finance announced in December 2021 regarding the creation of a common NewCo, a European leader in long-term vehicle leasing, and the takeover by Crédit Agricole Consumer Finance of 100% of FCA Bank’s capital.
“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 Philippe de Rovira, Stellantis Chief Affiliates Officer. “Together, Leasys and Free2move Lease currently represent a fleet of approximately 828,000 vehicles.”
Stellantis and Crédit Agricole Consumer Finance also announce the signing of 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. These disposals would take place according to the commitments made by ALD to the European Commission in connection with the proposed acquisition of LeasePlan by ALD.
The acquisition would be carried out by FCA Bank, then followed by a division of the acquired scope between:
the NewCo resulting from the consolidation of Leasys and Free2move Lease and owned equally by Crédit Agricole Consumer Finance and Stellantis, which would host the activities of ALD in Portugal and LeasePlan in Luxembourg for a total approximately 30,000 vehicles; and, the entity formed by the takeover by Crédit Agricole Consumer Finance of 100% of the capital of FCA Bank and Drivalia, which would host the activities of ALD in Ireland and Norway and of LeasePlan in the Czech Republic and in Finland.
With respect to the division of the acquired scope, the two entities will effectively act in a consistent and integrated approach, especially with respect to international customers, for which an enhanced cooperation between the two entities is foreseen.
This transaction would consolidate the partnership between Stellantis and Crédit Agricole Consumer Finance and accelerate the development of the two companies in strategic European countries, in line with the ambitions of the two companies to be ranked among the European leaders in automotive financing.
The completion of the transaction, expected in the course of 2023 well after the closing of the creation of the NewCo, is subject to the customary conditions precedent in this area, namely the completion of the acquisition of LeasePlan by ALD and the approval of the competent authorities.
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