French bank Societe Generale said its car leasing division ALD had agreed to buy the company LeasePlan for 4.9 billion euros ($5.5 billion), creating a new market leader in its area and boosting value for SocGen shareholders.
SocGen said the deal would result in a new, enlarged company with a total combined fleet of around 3.5 million vehicles, and would be an earnings accretive transaction.
It added that the LeasePlan takeover would result in a net earnings per share accretion of more than 20% for the new company formed by the deal in 2023, as well as resulting in a boost of more than 5% in net earnings per share for SocGen from 2024.
Read more/Source: Financial Post
