GIC part of PGGM-led consortium in $3.2b LeasePlan deal: Report

Visual from the LeasePlan website

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

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.