The announcement from parent firm Societe Generale follows both groups’ decision to enter into exclusive negotiations earlier this year.

In a statement, Societe Generale said: “The acquisition of Parcours allows ALD Automotive to strengthen its position with SMEs and very small companies in France and to accelerate its growth in the long-term leasing business thanks to Parcours’ total fleet standing at 61,500 vehicles (including 55,000 in France).”

As a result of the acquisition, ALD Automotive’s pro forma total fleet represents almost 1.3 million vehicles at the end of April 2016, including 420,000 in France.