(News Bulletin 247) – Stellantis announced on Wednesday that its joint venture with Crédit Agricole has reached an agreement to acquire the activities of ALD in Portugal and LeasePlan in Luxembourg.
This news follows the partnership sealed between Stellantis and Crédit Agricole at the end of 2021 concerning the creation of a new joint entity (Newco), whose ambition is to become a European leader in long-term rental.
The operation should enable the joint venture, which should result from the consolidation of Leasys and Free2move Lease and be held in equal shares, to strengthen its leading position in leasing in Europe.
The sale of ALD’s activities in Ireland, Norway and Portugal, as well as that of LeasePlan’s activities in the Czech Republic, Finland and Luxembourg, is part of the commitments made by ALD to the European Commission in order to complete the acquisition of LeasePlan.
The acquisition of the activities of ALD in Portugal and LeasePlan in Luxembourg would be carried out by FCA Bank, before the latter was taken over by Crédit Agricole Consumer Finance.
The transaction, which will be followed by a subsequent division of the scope concerned, should be finalized in the course of 2023, well after the closing of the creation of ‘Newco’.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
