LeasePlan Corporation, a fleet management and driver mobility company, has signed an agreement to acquire the 49% stake which Turkish automotive importer and distributer Dogus Otomotiv holds in LPD Holding, the holding company of LeasePlan Turkey.
LeasePlan and Dogus Otomotiv became joint venture partners in 2007, when LeasePlan acquired its existing 51% majority stake in LeasePlan Turkey from Volkswagen Financial Services.
Following the purchase of Dogus’ 49% shareholding, LeasePlan will have full ownership of LeasePlan Turkey, according to a statement from the company.
LeasePlan Turkey currently manages a fleet of more than 13,000 cars, and is one of the leading players in the Turkish fleet management industry.
Nick Salkeld, chief commercial officer of LeasePlan Corporation: "We have seen strong growth in Turkey since we entered the market with Dogus in 2007. The time is now right for us to take full ownership of our Turkish business in order to pursue our ambitious growth plans. We have enjoyed a fruitful partnership with Dogus and wish them well."
Closing of the transaction is still subject to regulatory approvals.