SG Fleet secures FleetPartners for A$1.13 billion

SG Fleet has agreed to acquire FleetPartners Group for A$5.30 per share in cash, valuing the fleet‑management and leasing company at roughly A$1.13 billion.

The takeover bid began when SG Fleet made an unsolicited offer in August, which was rejected. By September, SG Fleet had increased its bid, setting the stage for the final A$5.30 per share proposal.

Board Endorses Deal

FleetPartners’ board voted unanimously to recommend that shareholders approve the scheme of arrangement, provided an independent expert finds the transaction in their best interests and no superior proposal emerges.

Regulatory clearance is still required. The deal must secure approvals from New Zealand’s Overseas Investment Office, the Commerce Commission, Australia’s ACCC and foreign‑investment regulators, as well as court approval and change‑of‑control consent for certain warehouse financing arrangements.

SG Fleet will fund the purchase using existing cash, debt and equity from funds managed or advised by Pacific Equity Partners, and the transaction is not conditional on further financing or due diligence. FleetPartners may receive a FY26 final dividend and a special dividend before the deal completes.

When combined, the two firms will manage more than 320,000 vehicles across Australia and New Zealand, creating a mega fleet‑management operator. The merger will increase purchasing power, broaden maintenance and remarketing capabilities, and raise competition‑law scrutiny as market concentration rises.