Societe Generale Subsidiary ALD Acquires BBVA Autorenting
Paris - Paul Hastings LLP, a leading global law firm, and Garrigues, an international legal and tax services firm, announced today that they have advised ALD, the operational leasing and fleet management business line of Societe Generale, on the acquisition of BBVA Autorenting, the Spanish full-service leasing subsidiary of BBVA, following the signing of an acquisition agreement on 26 May 2017.
BBVA Autorenting is the 7th largest player on the Spanish market with a fleet of c. 25,000 vehicles, most of which were previously managed by ALD Spain under a Fleet Management contract.
This transaction strengthens the ALD Group’s full-service leasing presence in Spain, while expanding the commercial reach of its solutions through an agency agreement entered into with BBVA, which will make the ALD Group’s full-service leasing solutions available to BBVA’s corporate and private customers under a white label agreement. BBVA is a leading bank in Spain where it operates a network with 3,115 branches and provides a full array of financial and non-financial products and services.
ALD is listed on Euronext Paris, compartment A (ISIN: FR0013258662 ; Ticker: ALD).
The Garrigues team included partner Ramon Girbau with associates Daniel Gonzalez Pila and Andrea Esbri for corporate issues.
Uria Menéndez advised BBVA.
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