On November 25th, 2022, the European Commission (EC) cleared the acquisition of LeasePlan by ALD, a subsidiary of Société Générale, subject to divestments in six European countries and behavioral commitments following a Phase I review. This decision followed previous unconditional clearance by several national competition authorities including the Competition and Market Authority (CMA) and the Mexican Competition Authority (COFECE).
The deal involved overlaps in the vehicle leasing industry and associated leasing services in 25 affected countries. CRA assisted ALD, LeasePlan and TDR Capital in preparing economic analyses of competition in vehicle leasing across affected countries, in support of merger control filings and remedy preparation. Following the market test of the proposed remedies, the Commission concluded that the transaction would no longer raise competition concerns.
The CRA team including Laurent Flochel, Oliver Latham, Romain Bizet, Sylvestre Boittin-Duchesne, Elina Teres, Charlie Whitehead, and Shuichi Chiba supported the Parties and their counsel Darrois Villey Maillot Brochier and Linklaters through the transaction and the notification process before the EC, the CMA, and the COFECE.
Further details are available on the EC case page.