ALD has successfully completed the acquisition of LeasePlan, creating a leading global sustainable mobility player with a total managed fleet of 3.3 million vehicles worldwide.

ALD CEO Tim Albertsen said it was a historical day

ALD acquired the leading fleet management and mobility company from a consortium led by TDR Capital. The deal was for a total consideration of €4.8bn (£4.2bn), paid through a combination of cash and ALD shares.

The combined business – whose name is yet to be officially confirmed – will lead the way to net zero and further shape the digital transformation of the industry, marking “a new era in mobility”.

Tim Albertsen, CEO of ALD, said it was a historical day.

He added: “By bringing together our complementary capabilities and expertise, we are well positioned to capture the sector’s tremendous growth opportunities. Our focus going forward will be to leverage our unique position to lead the energy transition through innovative solutions, including digital platforms, to encourage large scale adoption of sustainable mobility, whether it be through low-emission vehicles or multi-mobility solutions.”

ALD is now a regulated entity with the status of financial holding company and will push ahead with its integration plan, expected to bring annual cost synergies of €440m (£383m) by 2025.

Societe Generale remains the long-term majority shareholder of ALD, with 52.6% of the capital and a 40-month lock-up period. The former LeasePlan shareholders hold 30.75% of the combined entity’s capital and are subject to a 12-month lock-up commitment, while the free float represents 16.6%.

Starting from 22 May 2023, the results of LeasePlan will be consolidated into the financial statements of ALD.

ALD and LeasePlan first announced late October 2021 that they were in talks over a merger, which was followed by a memorandum of understanding in January 2022.

Financial results posted by both firms for 2022 show big gains in profits and fleet size.

Approval from the European Commission for the deal was conditional on ALD divesting its full-service leasing and fleet management subsidiaries in Portugal, Ireland and Norway, with the exception of the NF Fleet Norway JV between ALD and Nordea, and disposing of LeasePlan’s subsidiaries in the Czech Republic, Finland and Luxembourg.

Following the merger, ALD has announced changes to its board of directors and created a new leadership team comprised of a General Management team and a newly formed Executive Committee.

The General Management team includes Tim Albertsen, chief executive officer, John Saffrett, current group deputy chief executive officer of ALD SA and Berno Kleinherenbrink, previously chief commercial officer and cluster director of LeasePlan, who has been appointed group deputy chief executive officer. They join 13 others for the Executive Committee.

Changes have also been made to the LeasePlan Corporation executive governance. The two-tier board is composed of a Supervisory Board, led by Tim Albertsen as chair, and a Management Board, supported by a broader Executive Committee.

Alfonso Martinez Cordero, currently LeasePlan UK MD, has been named as country managing director of the combined entity

UK management team announced

In the UK, ALD Automotive and LeasePlan will begin the process of integrating into one company.

Alfonso Martinez Cordero, currently managing director of LeasePlan UK, has been named as country managing director of the combined entity.

He will be supported by Tim Laver, currently managing director of ALD Automotive in the UK, who becomes deputy country managing director for the UK; both appointments are subject to regulatory approval.

The company said: “Alfonso Martinez Cordero and Tim Laver are among the key talents selected from both ALD Automotive and LeasePlan who are best positioned to implement the combined entity’s challenging integration plan moving forward and successfully deliver the strategic development growth targeted in the coming months and years.”

Alfonso Martinez Codero added: “It’s an exciting time to unite two market-leading organisations into one digitally enabled mobility provider, to deliver sustainable solutions for our customers. Our combined expertise, experience and scale will allow us to bring to market an unrivalled and truly game-changing service offering.

“It’s my privilege to have been selected to lead us through this period of integration and positive change, supported by one of the most talented teams in the industry.”