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Traxall International has announced the acquisition of Fleet Logistics Group from its shareholders Volkswagen Financial Services and TÜV SÜD.
Traxall says the deal, which has been completed for an undisclosed sum, will create Europe's largest independent mobility and fleet management provider, with around 400,000 contracts under management.
The deal is subject to approval by regulatory authorities.
Traxall International CEO Ross Jackson (pictured) said: "We have long-standing respect and admiration for the Fleet Logistics business and its people, so we are delighted to be able to announce this deal today which will bring together the two market leaders.
"This is a 'great news' story for our combined people and our customers. While we remain independent businesses for now, we expect the future synergies, investment plans and increased global footprint from this deal will deliver even greater value and service for our customers wherever they are in the world.
"At a time when TCO is increasingly destabilised due to market dynamics, economic and geo-political issues, the strength of the unique controls and stability which both Traxall International and Fleet Logistics bring will continue to drive efficiencies, and sustainably protect our customers' cost bases and strategies."
Fleet Logistics Group CEO Steffen Schick said: "We are thrilled to work with our new colleagues at Traxall International on bringing a whole new level of innovation to fleet and mobility management.
"I sense there is an overwhelming willingness to identify the best of both worlds and take it to the next level. This is what the market is expecting from us and the whole Fleet Logistics team will embrace this opportunity."
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