By Michael Elkins
Stellantis (NYSE:STLA) and Crédit Agricole Consumer Finance announced Wednesday that they have entered into a binding agreement for the acquisition of ALD's (EPA:ALDA) and LeasePlan's activities in Portugal and Luxembourg, respectively, following ALD's proposed acquisition of 100% of LeasePlan announced in January 2022.
The announcement follows the partnership agreements between Stellantis and Crédit Agricole Consumer Finance announced in December 2021 regarding the creation of a common NewCo.
"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 announced 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.
This transaction should 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 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.
Shares of STLA are up 1.09% in pre-market trading on Wednesday.