By Sarah Sloat

FRANKFURT--Daimler AG said Friday that its financial services unit would buy Athlon Car Lease International for 1.1 billion euros ($1.22 billion) to boost growth in the German auto maker's fleet management activities.

Athlon manages a fleet of about 250,000 vehicles in 11 European countries, including Germany, France, Poland and Switzerland. The mobility services company is part of DLL Group, a subsidiary of Rabobank Group, Daimler said.

"Fleet management is a growth market and this acquisition of a strongly positioned and innovative fleet management company is a key step for us in becoming a leading fleet management services provider," said Daimler board member Bodo Uebber.

The acquisition is expected to close in the fourth quarter, Daimler said.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

July 01, 2016 04:43 ET (08:43 GMT)