Arval is in exclusive talks with Mercedes-Benz Group to acquire 100% of its leasing subsidiary Athlon, create “the European co-leader” in full-service vehicle leasing.

The deal would deliver a combined leased fleet of almost 2.3 million vehicles, creating a new leasing giant

Athlon runs a multi-brand fleet of more than 400,000 vehicles, including 56,000 under fleet management, across 10 European countries.

Together with Arval’s current fleet of 1.9 million vehicles and an average annual growth of over 100,000 units in the past three years, the potential transaction would reach a combined leased fleet close to 2.3 million vehicles, creating a new European leasing giant.

It would also enable the continued joint growth momentum of both companies, focusing on sustainable mobility and differentiating through the best service quality in the industry.

The transaction is expected to complete during 2026, following necessary approvals from the relevant authorities.

Thierry Laborde, chief operating officer of BNP Paribas, said the acquisition would be a key step in BNP Paribas Mobility’s strategy to expand its portfolio of mobility solutions.

“We believe that the future integration of Athlon would make Arval and the BNP Paribas group a unique and powerful player in the European mobility market. This operation would also strengthen the long-standing relationship built with the Mercedes-Benz Group, which we already support across the various businesses of the Bank.”

For Arval, the deal would enable two strategic objectives. This would include reinforcing its market presence in the Netherlands, France and Germany, where the client portfolios of Arval and Athlon are “highly complementary”, along with Athlon’s activities in the UK, Spain, Italy, Portugal, Belgium, Luxembourg and Poland.

The acquisition would also strengthen the current partnership with Mercedes-Benz Group to mutually boost further business opportunities.

The potential deal would be the latest mega-merger in the leasing sector and has been announced three years after rival ALD acquired leasing giant LeasePlan for £4.2bn, creating a leading global sustainable mobility player now rebranded as Ayvens and currently running a total managed fleet of 3.2 million vehicles worldwide. In the same year, Stellantis and Crèdit Agricole (CA) Consumer Finance launched their Leasys multi-brand operational leasing firm, merging the activities of the former Leasys and Free2move Lease entities.

Arval’s CEO Alain van Groenendael said the potential acquisition of Athlon would offer clients broader access to services and expertise across Europe, “enhanced by Arval’s geographic presence, our advanced digital platforms and our joint purchasing capabilities, all contributing to more innovative, efficient, and competitive mobility solutions”.

He continued: “Ensuring the highest quality of service is a core commitment for Arval and we look forward to exploring this opportunity to work together to drive the future of innovative, sustainable, and customer-centric mobility.”

Christian Schüler, CEO of Athlon, also stressed that the acquisition would “bring the customer journey to the next level”.

“Our people prove their commitment to customers every day, and they would continue to provide them with the same high level of service and support during the expected transition and beyond.”

Athlon was founded in 1916 in the Netherlands, starting out as a local car repair shop and moving into leasing in 1950. The company was acquired by Daimler in 2016 from the Dutch firm Rabobank and, as Daimler Fleet Management, operated as its fleet and mobility solutions arm before rebranding as Athlon back in 2020.

Franz Reiner, CEO Mercedes-Benz Mobility AG, said: “Athlon has been a valuable part of Mercedes-Benz Mobility over the past nine years. This step would create new opportunities to further develop the business and explore new paths for success and, most importantly, to offer customers compelling perspectives for the future.”

Any deal would also be subject to an information and consultation process with the relevant employee representative bodies of both firms. Both companies will provide further updates on the progress of the acquisition in due course.