FleetPartners Group, a major Australian vehicle leasing company backed by Mitsubishi Motors, accepted an acquisition proposal from SG Fleet and agreed to a purchase price of approximately AU$1.131 billion.
FleetPartners Group, a major Asia-based vehicle leasing company, has been confirmed as an Australian business backed by Mitsubishi Motors. It has indicated its intention to accept the acquisition proposal submitted by the Japanese company and announced to shareholders and other stakeholders that it intends to proceed with the agreement. The acquisition is expected to be formally completed.
The buyer is SG Fleet, an organisation under Pacific Equity Partners. SG Fleet is pursuing a strategy of acquiring peers in the Australian market, and this transaction is part of that strategy.
The purchase price is approximately AU$1.131 billion, equivalent to approximately ¥125.0 billion. The transaction value was presented in the local currency, and the deal is expected to proceed following the remaining procedures and regulatory approvals.
The transaction will result in a partial retreat by Japanese companies from the Australian vehicle leasing market. However, further reports are required regarding the formal completion date and other conditions.