FleetPartners said on Wednesday it had received an A$813.1 million ($582.3 million) takeover bid from a consortium led by Japan’s Sumitomo, turning the contest for the Australian vehicle leasing company into a four-way battle.
The Sumitomo-led group is the fourth suitor to emerge in less than a month, joining Japan’s ORIX, PEP-backed SG Fleet, and Canada’s Element Fleet in pursuing FleetPartners, one of Australia’s largest vehicle leasing providers.
The competing approaches underscore the appeal of FleetPartners’ fast-growing novated leasing business, which accounted for nearly a fifth of its operating earnings in fiscal 2025, and has benefited from tax incentives for eligible electric vehicles.
Novated leasing lets employees finance a car through their employer and potentially reduce income tax.
The competing approaches also highlight continued interest from foreign investors and private equity firms in Australian-listed companies, particularly in the financial services sector.
Notable deals include EQT AB’s pursuit of asset manager Perpetual, a US consortium’s bid for investment broker Steadfast, and CC Capital Partners’ takeover of financial services provider Insignia Financial last year.
The consortium, comprising trading house Sumitomo and Sumitomo Mitsui Auto Service (SMAS), has offered FleetPartners shareholders A$3.85 in cash per share, representing a 34% premium to the stock’s close on July 31, before the bidding war began.
That tops the competing bids of A$3.80 per share from ORIX and Element Fleet, but trails SG Fleet’s A$4.00 proposal, which the PEP-backed company raised two weeks ago after an initial approach was rebuffed.
Shares of FleetPartners reacted tepidly to the latest bid, slipping 0.2% in early trade to A$4.23, after surging nearly 50% in just over three weeks since SG Fleet launched its takeover approach on August 3.
FleetPartners had a market capitalisation of A$904.4 million as of 0036 GMT, above the value of all four proposals.
The company has granted the Sumitomo consortium initial, limited access to commercial and financial due diligence as it continues to engage with the other suitors.
Reuters
