Arval Germany receives go-ahead to take over Commerz Real Autoleasing GmbH
The acquisition, which was announced mid-December 2010, has recently received the authorisations from the German Federal Finance Supervisory Authority (BaFin) and the Federal Cartel Office (Bundeskartellamt) and as such is now set to be completed this month.
Commerz Real Autoleasing GmbH is the fleet leasing subsidiary of Commerz Real Mobilienleasing GmbH, which is part of the Commerz Real Group.
The acquisition will enable Arval Germany to markedly expand its share in the German market and grow its vehicle portfolio by more than 50% to 36,000 vehicles. This will also result in an increase workforce numbers to over 200 at the Kirchheim premises, located near Munich, and in Hamburg.
Under the deal, Arval Germany has signed a cooperation agreement with Commerz Real Mobilienleasing GmbH, becoming a partner in the field of full service vehicle leasing for corporate customers.
Following the authorities’ approval, Lionel Wolff, managing director of Arval Germany, said: 'The merger of the two organisations is a further confirmation of our commitment to Germany as a business location. Our focus on quality growth aims to ensure we will continue to serve our customers as a reliable and strong partner in the future.'For more of the latest industry news, click here.