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ALD Automotive has completed its takeover of Leaseplan, in a deal worth £4.2 billion.
The acquisition creates a combined group with a total of 3.3 million vehicles managed worldwide.
Following the completion of the deal, ALD and Leaseplan in the UK will begin the process of integrating into one company, subject to regulatory approval.
The combined entity is billed as being able to leverage on scale and complementary capabilities to strengthen its competitiveness and deliver sustained growth.
Alfonso Martinez Cordero, currently managing director of Leaseplan UK, will become country managing director of the combined entity. He will be supported by Tim Laver, currently UK managing director for ALD, who will become deputy country managing director. These appointments are also subject to regulatory approval.
Martinez Cordero said: "It's an exciting time to unite two market-leading organisations into one digitally enabled mobility provider, to deliver sustainable solutions for our customers.
"Our combined expertise, experience and scale will allow us to bring to market an unrivalled and truly game-changing service offering.
"It's my privilege to have been selected to lead us through this period of integration and positive change, supported by one of the most talented teams in the industry."
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