Stellantis, Credit Agricole sign binding agreement for acquisitions in Europe

Stellantis and Credit Agricole Consumer Finance announce that they have signed a binding agreement for the acquisition of ALD and LeasePlan’s activities in Portugal and Luxembourg, respectively, following ALD’s proposed acquisition of 100% of LeasePlan announced in January 2022. This announcement constitutes an immediate acceleration of the two companies’ ambitions in mobility and vehicle long-term leasing. This announcement follows the partnership agreements between Stellantis and Credit Agricole Consumer Finance announced in December 2021 regarding the creation of a common NewCo, a European leader in long-term vehicle leasing, and the takeover by Credit Agricole Consumer Finance of 100% of FCA Bank’s capital. Stellantis and Credit Agricole Consumer Finance also announce the signing of an agreement relating to the sale of ALD’s activities in Ireland, Norway and Portugal, as well as LeasePlan’s activities in the Czech Republic, Finland and Luxembourg. These disposals would take place according to the commitments made by ALD to the European Commission in connection with the proposed acquisition of LeasePlan by ALD. The completion of the transaction, expected in the course of 2023 well after the closing of the creation of the NewCo, is subject to the customary conditions precedent in this area, namely the completion of the acquisition of LeasePlan by ALD and the approval of the competent authorities.