By Ian Walker
Dutch leasing fleet manager LeasePlan Corporation NV confirmed
Tuesday that its 100% shareholder, Global Mobility Holding BV, is
in talks to sell its interest to a group of investors, but
cautioned that an agreement wasn't certain.
LeasePlan said the investors plan to finance the acquisition
with an equity investment representing at least 40% of the total
purchase price, cash-pay debt facilities of 1.55 billion euros
($1.08 billion) provided by an international syndicate of lenders
and an additional source of funding that is currently under
discussion.
None of the debt raised by the investors would be borrowed by
LeasePlan and the company won't be responsible for the repayment of
the debt, it said.
The Wall Street Journal reported earlier this month that a
consortium led by private-equity firm TDR Capital LLP is close to
buying Dutch leasing fleet manager LeasePlan Corporation NV for
more than EUR3 billion, from German auto maker Volkswagen AG
(VOW.XE) and Metzler Bank, citing people familiar with the
matter.
Volkswagen and two sovereign-wealth funds from the Middle East
bought LeasePlan in 2004 from Dutch bank ABN Amro in a EUR2 billion
deal. Metzler joined in 2009, acquiring the 50% stake from two
co-investors from Saudi Arabia and Abu Dhabi. LeasePlan was
originally seen as helping boost Volkswagen's sales, but that plan
didn't fully pan out, industry experts said.
(Eyk Henning contributed to this article.)
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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