The company, which is known as Santander Consumer Multirent (SC Multirent), currently manages a multi-brand fleet portfolio of over 21,000 vehicles for corporate and individual clients, including close to 10,000 funded vehicles.

LeasePlan said that the acquisition complements its multi-brand approach and fits in with its long-term strategy to deliver sustainable growth with a focus on profitability. 

The shares will be acquired by LeasePlan Portugal, Lda, a subsidiary of LeasePlan Corporation NV, and will be used by LeasePlan to strengthen its market position in operational fleet management in Portugal.

António Oliveira Martins, managing director, LeasePlan Portugal, said: 'The purchase of SC Multirent provides us with an attractive client portfolio of a recognised and respected company that complements LeasePlan’s approach to providing service excellence to its clients worldwide.'

The acquisition will be finalised after it has received approval from the Portuguese Competition Authority and the Dutch Central Bank.