The acquisition of the BBVA Renting SpA and BBVA Autorenting SpA companies will add 20,500 vehicles to the LeasePlan global fleet of 1.3 million vehicles and enable it to expand further into the Italian fleet and leasing market.

Alfonso Martínez Cordero, managing director of LeasePlan Italy, said: ‘This acquisition reinforces our position in the country, representing one of the few growth opportunities available in the highly competitive Italian leasing market. It will give us access to an attractive portfolio of both large corporations and small companies, and will allow us to continue to add value to our clients by realising efficiencies and economies of scale.’

He added: ‘We will use the expertise we’ve acquired from our many years in the Italian fleet management market to make it a truly successful acquisition.’

The transaction is expected to complete during the first quarter of 2013 and is subject to customary closing conditions.