- Stellantis NV STLA And Credit Agricole Consumer Finance JV signed a binding agreement to purchase ALD And LeasePlans Activities in Portugal and Luxembourg.
- The move comes after that ALD’s proposed acquisition of 100% of LeasePlan was announced in January 2022.
- The acquisition follows partnership agreements between Stellantis and Crédit Agricole Consumer Finance announced in December 2021 to create a joint venture, NewCoa European company in long-term vehicle leasing.
- also read: Stellantis launches six Fiat car lines in Algeria; Announces 200 million euros in the first wave of investments
- “The acquisition of the units in Portugal and Luxembourg is an excellent opportunity to strengthen the NewCo from the start and additional leverage to increase its fleet to one million vehicles by 2026 as part of our aggressive Dare Forward 2030 strategy,” said Stellantis Chief Membership Officer Philippe de Rovira.
- The two parties also signed an agreement to sell ALD’s operations in Ireland, Norway and Portugal and LeasePlan’s operations in the Czech Republic, Finland and Luxembourg.
- The transaction would strengthen 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 close in the course of 2023.
- also read: Stellantis considers Spain to assemble electric cars
- price action: STLA shares are trading up 0.69% at $17.54 on the last check Wednesday premarket.
- Photo via company
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