By Joshua Kirby

Jeep maker Stellantis NV and French lender Credit Agricole SA are to extend their auto-leasing business with the acquisition of rival operations in various European countries.

The two companies said Wednesday that they reached a deal to acquire ALD SA's activities in Ireland, Norway and Portugal, and those of LeasePlan in the Czech Republic, Finland and Luxembourg, as part of commitments made by ALD to the European Union relating to its acquisition of LeasePlan.

ALD, a subsidiary of French bank Societe Generale, reached a deal at the beginning of last year to acquire rival LeasePlan.

The closing of the transaction is subject to approval of the takeover by the EU, Societe Generale said separately, adding that the activities in question represent around 3% of ALD and LeasePlan's combined fleet.

Under the deal, a joint venture between Stellantis and Credit Agricole--dubbed NewCo--would run the Portugal and Luxembourg activities. It would have a fleet of around 30,000 vehicles, Stellantis said.

The acquisition will help NewCo toward an ambition of reaching a fleet of 1 million vehicles by 2026, Stellantis Chief Affiliate Officer Philippe de Rovira said.

ALD's Ireland and Norway activities and LeasePlan's Czech and Finland activities would meanwhile be hosted by Credit Agricole, under the new entity formed by its full acquisition of FCA Bank.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

March 22, 2023 03:31 ET (07:31 GMT)

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