Sumitomo Consortium Bids A$813.1 Million for FleetPartners

A consortium led by Sumitomo Corporation and Sumitomo Mitsui Auto Service has launched an A$813.1 million ($582.3 million) cash takeover bid for FleetPartners, one of Australia's largest vehicle leasing providers. The offer of A$3.85 per share represents a 34% premium over the company's July 31 closing price.

This proposal marks the fourth bid for FleetPartners in less than a month. The Sumitomo-led group joins Japan's ORIX and Canada's Element Fleet Management, both of which offered A$3.80 per share, and the Pacific Equity Partners-backed SG Fleet, which currently holds the highest offer at A$4.00 per share.

FleetPartners has granted the Sumitomo consortium limited access for due diligence while maintaining engagements with the other three suitors. The intense competition is driven by the growth of FleetPartners' novated leasing business, which has expanded significantly due to electric vehicle tax incentives.