SG Fleet to acquire FleetPartners for $1.13 billion

SG Fleet has entered into a binding agreement to acquire FleetPartners for approximately $1.131 billion in cash. The deal offers FleetPartners shareholders $5.30 per share, representing an 87.3% premium over the undisturbed closing price of $2.83 recorded on July 31, prior to SG Fleet’s initial unsolicited approach.

The acquisition follows a highly competitive bidding process that included interest from Element Fleet Management, ORIX, and the Sumitomo Consortium. The final offer of $5.30 per share is 65 cents higher than the leading revised non-binding proposals received in mid-September.

Controlled by funds managed by Pacific Equity Partners, SG Fleet aims to achieve significant scale through this transaction. If the deal clears regulatory hurdles, the combined entity would manage an estimated 320,000 vehicles across Australia and New Zealand, establishing it as a dominant fleet management organization in the region.