LeasePlan Corporation NV says that the acquisition, which comprises approximately 20,000 vehicles, allows it to further expand into the profitable Italian small and medium enterprise (SME) market, further supporting its selective growth strategy.

Alfonso Martínez Cordero, managing director of LeasePlan Italy, said: ‘Finalising this acquisition is another important milestone in LeasePlan Italy's strategy to increase our share of the competitive Italian market. Through this acquisition we will continue to expand our presence across both large corporations and the fast-growing segment of small and medium companies. We are convinced that the newly consolidated organisation will reinforce and further optimise our capacity to deliver added value and service excellence to our entire client portfolio.’

In completing the transaction, LeasePlan Italy acquired the entire share capital of two Italian entities, BBVA Renting SpA and BBVA Autorenting SpA. LeasePlan will refinance the entire business with its own funding.