FleetPartners receives higher bids of up to A$982.1 million in Australia
Australian leasing company FleetPartners has received revised acquisition proposals from SG Fleet, Japan’s ORIX and a consortium led by Sumitomo Corp. The highest of them values the company at A$982.1 million, or US$702.2 million, Channel NewsAsia reports.
New proposals
SG Fleet raised its offer to A$4.55 per share. ORIX and the Sumitomo consortium separately offered A$4.65 per share each. This is respectively 10.2% and 12.6% above FleetPartners’ closing share price on Friday.
The updated proposals value FleetPartners in a range from A$960.9 million to A$982.1 million. They exceed SG Fleet’s previous highest offer of A$844.8 million. Following the announcement, FleetPartners shares rose by more than 12% to a record A$4.64 as of 03:19 GMT.
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Next stage of due diligence
FleetPartners’ board decided to grant SG Fleet, ORIX and the Sumitomo consortium access to the next stage of the company’s due diligence. At the same time, FleetPartners stressed that none of the revised proposals is binding and that they do not guarantee a deal will be concluded.
According to Reuters, buyer interest is linked to the rapid growth of FleetPartners’ novated leasing segment. This model allows employees to pay for cars through their salary. In the 2025 financial year, this segment generated nearly one-fifth of the company’s operating profit and benefited from tax incentives for eligible electric vehicles.
Canada’s Element Fleet exited the process without submitting a revised proposal. In August, it offered A$3.80 per share, exceeding SG Fleet’s initial offer of A$3.60 per share.
