VW, Metzler Sell LeasePlan for €3.7 Billion

Volkswagen and Germany's Metzler bank have agreed to sell LeasePlan Corp. to an international consortium for €3.7 billion. The deal is expected to be completed by year-end.

LeasePlan is the world's largest lease fleet management company, with a fleet of more than 1.4 million vehicles in 32 countries. VW and Metzler each have owned 50% of the 52-year-old company since 2004. Now VW wants to focus on building its own Leasing GmbH unit.

The consortium consists of the sovereign wealth funds of Abu Dhabi and Singapore, Goldman Sachs, London-based TDR Capital and Danish and Dutch pension funds.