A consortium led by Sumitomo Corporation has submitted an approximately ¥93 billion acquisition proposal for FleetPartners Group, a major Australian vehicle leasing company backed by Mitsubishi Motors. The proposal was received on the 25th and disclosed by the 27th.
FleetPartners Group has received a proposal from a consortium led by Sumitomo Corporation and Sumitomo Mitsui Auto Service (SMAS) to acquire the company for A$3.85 per share. The proposal was disclosed by the 27th, with the offer valued at approximately A$813 million (approximately ¥93 billion).\n\nAccording to reports in Japanese media, Sumitomo Corporation has indicated its willingness to accept the acquisition proposal while proceeding with a formal review. However, the timing of the final decision on the acquisition and details of the terms have not been disclosed.\n\nThe proposal by the consortium and SMAS concerns the acquisition of FleetPartners Group and could affect consolidation trends in Australia's vehicle leasing industry.