Alphabet, the international fleet management division of BMW Group, has acquired ING Car Lease.
The purchase price amounts to €637 million. The transaction is expected to close in the fourth quarter of 2011, subject to regulatory approvals.
Through the acquisition, Alphabet is able to provide employers with broadened services now in 16 European countries.
Norbert van den Eijnden, head of Alphabet, said: “In the growing European fleet management market, ING Car Lease is the perfect fit to complement the activities of Alphabet.
“Alphabet will increase the number of company car contracts under management to approximately 540,000.
“Alphabet is concentrating on the growing full-service fleet management sector and is developing products and services for sustainable and efficient corporate mobility management.
“Alphabet already assists our corporate customers to manage a sustainable fleet with a focus on low fuel consumption. Fleet management will also support the introduction of electric vehicles.”
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