With today’s announced sale of Athlon Car Lease International B.V. and its subsidiaries to Mercedes- Benz Financial Services Nederland B.V., Athlon will become part of the Daimler Financial Services global network. This joins two of the oldest brands in the automotive industry, both presiding over more than one hundred years of history, bringing together a powerful combination that aims to renew the mobility market. The future business of the consolidated fleet operations between Daimler Fleet Management and Athlon will operate under the Athlon brand.
Athlon is an international provider of vehicle leasing and mobility solutions, active in eleven countries throughout Europe, and managing a fleet of more than 250,000 vehicles. Mercedes Benz Financial Services, Nederland BV is part of Daimler Financial Services, a worldwide provider of financial services in over 40 countries, and managing a fleet of more than 3.7 million vehicles.
The sale transaction is expected to be completed by the end of 2016, once all required approvals and consents have been obtained from the necessary regulatory authorities, and other relevant bodies. The consideration for the shares amounts to €1.1 billion. As a result of the transaction, the Rabobank CET1 ratio is estimated to improve with approximately 40 basis points. BofA Merrill Lynch acted as financial advisor to Rabobank Group on this sale.
The strategic fit between both enterprises is substantial. This goes for their position in the market for mobility solutions in different countries where both are active, as well as for their portfolio of services and products. The transaction will further develop the Athlon brand and organization.
Ambitions to renew
Aside from the economic arguments, such as a sturdy financial and market position, the commercial proposition of Athlon is also attractive for the new owner. ”Fleet management is a growth market and this acquisition of a strongly positioned and innovative fleet management company is a key step for us in becoming a leading fleet management services provider. It also allows us to enhance fleets with Daimler’s products and mobility offers”, stated Bodo Uebber, Board of Management member of Daimler AG responsible for Finance and Controlling and Financial Services.
CEO Frans Janssen of Athlon International: “The past ten years with our former owner DLL brought tremendous growth and expansion to our brand for which we are thankful. To get to the next level, we spent significant time considering the future prospects for Athlon and of course the best interests of our customers, suppliers and employees. Daimler shares our ambitions to innovate and grow. The mobility market finds itself in a crucial phase. Traditional solutions make room for fundamentally new concepts. That opens up possibilities, however, it also requires that we are able to quickly take substantial steps forward. With our new shareholder, Daimler Financial Services, we are able to do so.”Back to overview