From Dealroom · · 50s
SG Fleet Acquires FleetPartners for $788M
SG Fleet completes $788M cash buyout of Australian fleet-leasing rival FleetPartners.
In brief
SG Fleet completes $788M cash buyout of Australian fleet-leasing rival FleetPartners. SG Fleet Management acquired 100% of FleetPartners for $788 million in a binding all-cash takeover at $3.43 per share. Originally reported by Dealroom.
Quick answers
- Why Now?
- The agreement ends a months-long auction after SG Fleet, Toronto-listed Element Fleet Management, Tokyo-listed ORIX, and Sumitomo-led consortium pursued FleetPartners for months.
- What is the key takeaway from SG Fleet Acquires FleetPartners for $788M?
- SG Fleet Management acquired 100% of FleetPartners for $788 million in a binding all-cash takeover at $3.43 per share.
Deal Details
SG Fleet Management agreed to a binding all-cash takeover of FleetPartners at US$3.43 per share, valuing the Australian vehicle-leasing company at about US$731.2M (roughly $788 million).
Why Now?
The agreement ends a months-long auction after SG Fleet, Toronto-listed Element Fleet Management, Tokyo-listed ORIX, and Sumitomo-led consortium pursued FleetPartners for months.
Numbers and Endgame
The offer provides an 87.3% premium to FleetPartners' last closing price and adds US$0.42 per share to earlier proposals, with SG Fleet gaining scale in a consolidating market.
What it means
SG Fleet Management acquired 100% of FleetPartners for $788 million in a binding all-cash takeover at $3.43 per share.
