Super Group bulks up its Australian fleet business

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Super Group bulks up its Australian fleet business

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Published Date: 2021-04-01 | Source: Stephen Gunnion | Author: Stephen Gunnion

Super Group bulks up its Australian fleet business

Subsidiary SG Fleet has acquired the Australian and New Zealand business of LeasePlan, a fleet management and leasing services group.

Super Group's Australian subsidiary SG Fleet has bought the Australian and New Zealand businesses of LeasePlan so it can expand its global fleet management business.

It owns a majority stake in SG Fleet, which is listed on the Australian Securities Exchange (ASX).

After issuing a cautionary notice last week, Super Group said a deal had been struck that would result in SG Fleet paying A$387-million (R4.41-billion) in cash and shares for LeasePlan, which provides fleet management and leasing services in Australian and New Zealand. The business is a subsidiary of Netherlands-based LeasePlan Corporation and has an estimated 21.5% share of Australia's fleet vehicle leasing market.

Through its Bluefin subsidiary, which houses the SG Fleet stake, Super Group said it would take up its pro rata share of the 35.1 million SG Fleet shares that will be issued to help fund the transaction. Bluefin will end up with a 52.3% stake in SG Fleet.

The deal is expected to become effective in the third quarter of the year.

Super Group's shares closed 0.1% higher at R29.70 yesterday.





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