Arval Germany acquires Commerz Real Autoleasing GmbH
Commerz Real Autoleasing GmbH is the fleet leasing subsidiary of Commerz Real Mobilienleasing GmbH, which is part of the Commerz Real Group.
The deal will expand Arval Deutschland's vehicle portfolio by over 50% to 36,000. The company adds that the main focus will continue to lie on car fleets with around 20- plus vehicles.
Arval Deutschland's headquarters will remain in Kirchheim, near Munich but it will also retain the Commerz Real Autoleasing GmbH Hamburg site along with its workforce, to significantly improve both its sales network and its local presence.
The deal also sees Arval Deutschland sign a cooperation agreement with Commerzbank that will enable Arval Germany to expand its business activities in the field of full service leasing for corporate customers.
Lionel Wolff, managing director of Arval Germany, commented: 'Our new customers can profit from our international presence and experience of fleet management. We look forward in future to being a financially strong partner to them.'
The takeover is subject to authorisation by the German Financial Supervisory Authority (BaFin) and the German Cartel Office and is expected to occur in the first quarter of 2011.