Singapore’s sovereign wealth fund GIC is part of the consortium led by PGGM, the Dutch public sector pension fund, that is in talks to buy the world’s largest vehicle-leasing business from Volkswagen in a deal worth estimated around €3 billion ($3.2 billion), Sky News said in report.
The report said that the funds have been in talks with Volkswagen ‘for several weeks now’ to acquire the Netherlands-based LeasePlan, and added the consortium also included Abu Dhabi Investment Authority (ADIA) and London-based TDR Capital.
Earlier this week, LeasePlan announced that it was in talks with potential investors for diluting its stake, without disclosing additional details.
”LeasePlan Corporation, the world’s leading fleet management and driver mobility company, today announces that its 100 per cent shareholder Global Mobility Holding has entered into discussions regarding the potential divestment of LeasePlan Corporation,” the Volkswagen owned car leasing company said in a statement.
“LeasePlan emphasises that the discussions are still in progress and may or may not result in an agreement,” its statement added.
The company that has operations in 32 countries and has more than 1.4 million vehicles and has about 6,800 employees on board.
Volkswagen along with Olayan Group in Saudi Arabia and Mubadala Development Company from Abu Dhabi, had bought out LeasePlan in 2004 from Dutch bank ABN Amro in a €2 billion deal. Five years the larger funds sold their stake to Friedrich von Metzler, a German private banker.
The company’s statement added that as it also had banking operations in Netherlands, any deal must be approved by Dutch central bank and financial markets authority, Rogier said