Since its creation, Stellantis has reorganised the various divisions of the former PSA and FCA groups in order to unify them. For example, the group has created Newco, a joint venture with Crédit Agricole, which was born out of the leasing activities of Free2Move Lease and Leasys. With Newco, Stellantis intends to develop its long-term rental activities in Europe and announces the acquisition of stakes in various companies.
Stellantis and Crédit Agricole Consumer Finance therefore announce the signing of a binding agreement for the acquisition of the activities of ALD and LeasePlan in Portugal and Luxembourg respectively, following the acquisition of 100% of LeasePlan by ALD announced in January 2022. This announcement represents an acceleration of the ambitions of both companies in the field of mobility and long-term vehicle rental.
This announcement follows the partnership agreements between Stellantis and Crédit Agricole Consumer Finance, announced in December 2021, concerning the creation of a joint Newco with the ambition of becoming a European leader in long-term rental, and the management of 100% of the capital of FCA Bank by Crédit Agricole Consumer Finance.
Philippe de Rovira, Chief Affiliates Officer of Stellantis, said: "The acquisition of the Portuguese and Luxembourg entities is an excellent opportunity to strengthen Newco from the outset and provides additional leverage to grow its fleet to one million vehicles by 2026 as part of our aggressive Dare Forward 2030 strategy. Together, Leasys and Free2move Lease currently represent a fleet of 828,000 vehicles. "
Stellantis and Crédit Agricole Consumer Finance also announce that they have signed an agreement to sell ALD's activities in Ireland, Norway and Portugal and LeasePlan's activities in the Czech Republic, Finland and Luxembourg. These divestments would be carried out in accordance with the commitments given by ALD to the European Commission in the context of ALD's proposed acquisition of LeasePlan.
The acquisition would be carried out by FCA Bank and the acquired perimeter would subsequently be split between:
on the one hand, the NewCo resulting from the merger of the activities of Leasys and Free2move Lease, held in equal parts by Crédit Agricole Consumer Finance and Stellantis, which would include the activities of ALD in Portugal and LeasePlan in Luxembourg for a total of approximately 30,000 vehicles; and
on the other hand, the group formed by the acquisition by Crédit Agricole Consumer Finance of 100% of the capital of FCA Bank and Drivalia, which would comprise the activities of ALD in Ireland and Norway and LeasePlan in the Czech Republic and Finland.
The two entities will effectively operate in a coherent and integrated manner, in particular with regard to international customers, for whom enhanced cooperation between the two entities is planned.
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 both companies to be among the European leaders in automobile financing.
The closing of the transaction, which is expected in 2023, well after the creation of Newco, is subject to the usual conditions in this sector, namely the completion of the acquisition of LeasePlan by ALD and the approval of the competent authorities.