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Alphabet completes ING Car Lease acquisition

Date: 10 October 2011

Alphabet completed its acquisition of ING Car Lease on 30 September for £554m having secured clearance from the European competition authorities.

The combined company will operate under the Alphabet name as one of the top five leasing businesses in the European market.

Alphabet said the merged operations would combine their assets and services to expand their existing growth strategy.

It claimed the new fleet management organisation was an ideal platform to develop mobility services for customers.

The enlarged company has more than 460,000 financed cars on its books and is represented in 18 countries.

Norbert van den Eijinden, head of Alphabet International and co-CEO, said the merger of the two firms represented a "a perfect marriage" and added that a pivotel aspect of its services would be its strengthened multi-make approach across Europe.

Ed Frederiks, former boss of ING Car Lease and co-CEO of the new company, said: "These two exceptional brands combined will ensure the best possible service and product offerings to our clients across Europe."