The purchase price amounts to EUR 637 million. The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approvals. Norbert van den Eijnden, head of Alphabet, said: "In the growing European fleet management market, ING Car Lease is the perfect fit to complement the activities of Alphabet. Alphabet will increase the number of company car contracts under management to approximately 540,000 and thus consolidate its competitive lead in the European fleet management market."
Through the acquisition, Alphabet is able to provide its corporate customers with broadened services now in 16 European countries. The strengthening of the fleet management business is in line with the BMW Group Strategy to be the leading provider of premium products and premium services for individual mobility. There is an increasing demand for flexible mobility and usage solutions.
Corporate Car Sharing within the fleet management is one of Alphabet's current initiatives in order to be prepared for future demands. Van den Eijnden added: "Alphabet is concentrating on the growing full-service fleet management sector and is developing products and services for sustainable and efficient corporate mobility management. Alphabet already assists our corporate customers to manage a sustainable fleet with a focus on low fuel consumption. Fleet management will also support the introduction of electric vehicles. Strengthening and expanding the fleet management activities means also offering a clear perspective to all employees."
ING Car Lease is a leading operational car leasing and fleet management business, with 240,000 vehicles in eight countries in Europe. ING Car Lease started its operations in 1977 and became part of ING Group in 1985. It has a total workforce of around 1200 employees per 31 December 2010.
