ALD has signed an agreement to acquire BBVA Autorenting, the Spanish full-service leasing subsidiary of banking giant BBVA, and has also signed a partnership with BBVA.

The acquisition is expected to complete in Q3 and will cover around 25,000 vehicles.

The deal, made for an undisclosed amount, covers around 25,000 vehicles, most of which were previously managed by ALD Spain under a fleet management contract and will strengthen ALD’s full service leasing offering in Spain.

In addition, the partnership with BBVA will promote full service leasing within the BBVA an FSL solution managed by ALD under a white label agreement network, targeting both corporate and individual customer segments, using a white label agreement.

ALD said the transaction forms part of its growth strategy focused on full service leasing, partnerships, and targeted and value accretive acquisitions.

Mike Masterson, CEO of ALD, said: “BBVA has become a close partner of ALD in recent years. This transaction further leverages our positioning in the full service vehicle leasing segment, while strengthening our relationship with BBVA. It is an example of our ability to build durable long term partnerships with leading European banks.”

The completion of this transaction will be subject to the agreement of the Spanish Competition Authority and is expected to take place in Q3 2017.

For more of the latest industry news, click here.