Alphabet, the international multi–marque fleet management division of BMW Group, has acquired ING Car Lease, a division of ING Groep NV for €637 million (£569.3m).
The transaction is expected to close in Q4 of 2011, subject to regulatory approvals.
Norbert van den Eijnden, head of Alphabet, said: “Alphabet will increase the number of company car contracts under management to approximately 540,000 and thus consolidate its competitive lead in the European fleet management market.”
ING Car Lease is a car leasing and fleet management business, with 240,000 vehicles in eight countries in Europe. ING Car Lease started its operations in 1977 and became part of ING Group in 1985.