The foreign investment review board have given their thumbs up to the proposed acquisition of LeasePlan Australia by SG Fleet (ASX:SGF)
The proposal would see SG Fleet acquire LeasePlan for $273 million with a 13 per cent equity interest. Following the acquisition, SG Fleet will become ANZ’s largest fleet management organisation with a combined fleet of 250,000 vehicles and valued at $2.5 billion.
The acquisition comes with an international alliance agreement which will see the two companies provide customer and business opportunity referrals and product know-how to each other.
SG Fleet remains on track to complete the acquisition in the third quarter of 2021.
Shares in SG Fleet (ASX:SGF)
are trading 1.03 per cent lower at $2.87.