BMW Group's international multi-brand fleet management division Alphabet, will purchase ING Car Lease for a price which amounts to EUR 637 million, expected to close in the fourth quarter of 2011, subject to regulatory approvals.
"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 and thus consolidate its competitive lead in the European fleet management market," said Norbert van den Eijnden, head of Alphabet. As a result of the acquisition, Alphabet will able to provide corporate customers with broadened services in now 16 European countries.
BMW Group's Strategy includes strengthening of the fleet management business, with the aim to be the leading provider of premium products and premium services for individual mobility.
"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," van den Eijnden continued.
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