SG Fleet Agrees to Acquire FleetPartners for A$1.13 Billion

SG Fleet, backed by Pacific Equity Partners, has entered into a binding agreement to acquire FleetPartners in a deal valuing the vehicle leasing firm at A$1.13 billion. Under the terms of the agreement, FleetPartners shareholders will receive A$5.30 in cash per share, representing an 87.3% premium over the closing price prior to the initial bid on August 3.

The FleetPartners board unanimously recommended the scheme to its shareholders. The final agreement follows a competitive bidding process that included interest from Japan's ORIX and a consortium led by Sumitomo Corp. Canada's Element Fleet also expressed interest but withdrew its proposal last month.

FleetPartners operates as one of the largest novated leasing businesses in Australia.