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The UK's current number two leasing company Leaseplan has been bought by what's been described as "a consortium of long-term investors" in a deal worth ?3.7bn (£2.6bn).
Known as Lincoln TopCo PTE Ltd, the consortium of leading Dutch and Danish pension funds, global investment companies and private equity firms is expecting to obtain the necessary regulatory approvals to close the deal by the end of 2015.
Leaseplan was lined up by current joint owners Volkswagen and German banker Friedrich von Metzler's Fleet Investments for a sale in April, though discussions with an unnamed party were terminated and at the time Leaseplan claimed it had no further plans for a sale.
As well as being the UK's number two firm, at least until Arval completes its acquisition of GE Capital, Leaseplan claims to be the world's leading global fleet management and driver mobility company, managing 1.5m vehicles across 32 countries and employing 6800 people.
"As a market leader in the global fleet management business, Leaseplan offers an attractive long-term investment opportunity," said Eric-Jan Vink, head of the private equity team at PGGM, the Dutch pension provider that is one investor in the acquisition. "We are investing in the future of a company with an unmatched portfolio of market-leading assets, a highly knowledgable and dedicated employee base and a sound strategy for the future, under highly experienced management. WThe Consortium looks forward to supporting the management team as they focus on growing the business."
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