A consortium led by Sumitomo Corporation has offered A$813.1 million, or approximately $582 million, to acquire Australia’s FleetPartners, escalating a four-way takeover contest for the vehicle leasing company, according to Reuters.
The consortium includes Sumitomo and vehicle leasing company Sumitomo Mitsui Auto Service.
Its proposal values FleetPartners at A$3.85 per share in cash, representing a 34% premium to the company’s closing price on July 31, before the recent takeover activity began.
The offer exceeds A$3.80-per-share proposals from Japan’s ORIX and Canada’s Element Fleet.
However, it remains below the A$4-per-share offer from SG Fleet, which is backed by Australian private equity firm Pacific Equity Partners.
FleetPartners has now attracted four bidders in less than a month.
The company’s growing novated leasing operation is a major source of interest and accounted for nearly one-fifth of operating earnings in fiscal 2025.
Novated leasing allows employees to finance vehicles through their employers and can provide tax advantages, including incentives tied to certain electric vehicles.
FleetPartners shares had risen nearly 50% since SG Fleet’s first approach in early August, giving the company a market capitalization of approximately A$904 million as of August 25.
FleetPartners has granted the Sumitomo consortium limited commercial and financial due diligence access while continuing discussions with competing bidders.
