LeasePlan to buy Dogus out of LeasePlan Turkey
The leasing giant has signed an agreement to acquire the 49% stake Dogus Group holds in LPD Holding AS the holding company of LeasePlan Turkey.
LeasePlan and Dogus Otomotiv, one of the leading automotive importers and automotive distributors in Turkey, became joint venture partners in 2007, when LeasePlan acquired its existing 51% majority stake in LeasePlan Turkey from Volkswagen Financial Services.
LeasePlan Turkey currently manages a fleet of more than 13,000 cars, and is one of the leading players in the Turkish fleet management industry.
Nick Salkeld, CCO of LeasePlan Corporation, said: ‘We have seen strong growth in Turkey since we entered the market with Dogus in 2007. The time is now right for us to take full ownership of our Turkish business in order to pursue our ambitious growth plans. We have enjoyed a fruitful partnership with Dogus and wish them well.’
Closing of the transaction is still subject to regulatory approvals.
Natalie Middleton
Natalie has worked as a fleet journalist for nearly 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. Natalie edits all the Fleet World websites and newsletters, and loves to hear about any latest industry news - or gossip.
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