NewAld would aim for a 45% cost / revenue improvement by 2025, confirming its best-in-class position in the industry
Ald, a subsidiary of Societè Generale, announces the signing of a memorandum of understanding for the acquisition of 100% LeasePlane by a consortium led by Tdr Capital. The proposed acquisition of LeasePlane for a total consideration of € 4.9 billion it would be accomplished through a combination of cash and equity.
At closing, scheduled for the end of 2022, Société Générale would control 53% of ” NewAld ”, LeasePlane shareholders 30.75%. The value of NewAld’s float would be much higher than pre-closing. Société Générale would also undertake to stay majority shareholder term of NewAld. NewAld would create a leading global mobility player, with a strong positioning with which to lead the digital transformation of the sector and conquer new growth objectives in the mobility sector.
NewAldmoreover, it would generate shareholder value thanks to synergies and economies of scale. LeasePlane is one of the leading companies worldwide in the fleet management and mobility sector in terms of fleet size (total fleet of 1.8 million vehicles), with a wide and global offer that fits perfectly with Ald’s and creates the conditions to guide and shape the industry and its transformation.
The confluence of Ald and LeasePlane into NewAld would have the potential to be highly synergistic and create opportunities to exploit the complementarity of the two companies. As a global leader in mobility, NewALD could benefit from a fast growing market driven by strong megatrends including: – shift from ownership to use on all fronts: B2B, B2C and even B2E – data-driven digital transformation of the mobility sector – transition towards sustainable and zero-emission mobility This agreement would represent a change of pace and position NewAld towards long-term fleet growth of at least 6% post integration.
NewALD would aim for a improvement in the cost / income ratio of 45% by 2025, confirming its position as the best-in-class in the sector. The transaction is expected to generate operational and procurement synergies of € 380 million before tax. It is also expected to provide attractive returns and significant value creation for investors. Considering the benefits of fully operational synergies and excluding restructuring costs, the pro-forma increase in earnings per share should be About 20% in 2023.
In the medium term, NewALD’s dividend distribution ratio is expected to remain between 50% and 60% until 2025. ” Today marks the start of a new chapter in our history and a first step towards the creation of NewALD ” he declares Tim Albertsen, Chief Executive Officer di Ald. ” Faced with the great transformation that is investing, at an unprecedented pace, the automotive and mobility sector, the proposed operation is aimed at creating a leading global player in mobility.
By combining the many strengths of Ald and LeasePlane, gaining size, joining forces digitally and creating a leading player in sustainable mobility solutions, we would transform our industry and be in the best position to provide solutions and further increase value. of our offering to our further expanded customer base.
This transaction would create multiple opportunities for the management and talent of both companies, across all geographies, underpin our sustainability focus with a clear path to carbon-neutral mobility, and, last but not least, provide strong returns for shareholders. We are all very excited about the prospect of being part of this new venture. ”