Eindhoven, July 1, 2016. DLL, a Rabobank subsidiary and global provider of asset-based financial solutions, has reached an agreement to sell its mobility solutions entity Athlon Car Lease International B.V. including all its subsidiaries to Mercedes-Benz Financial Services Nederland B.V., a part of the Daimler Financial Services global network. A Sale and Purchase Agreement has been signed by both parties as of June 30, 2016.
The sale transaction is expected to be completed by the end of 2016, once all required approvals and consents have been obtained from the necessary regulatory authorities, and other relevant bodies. The consideration for the shares amounts to €1.1 billion. As a result of the transaction, the Rabobank CET1 ratio is estimated to improve with approximately 40 basis-points. BofA Merrill Lynch acted as financial advisor to Rabobank Group on this sale.
The sale of Athlon
A part of DLL since 2006, Athlon is an international provider of vehicle leasing and mobility solutions, active in eleven countries throughout Europe, and managing a fleet of more than 250,000 vehicles. Mercedes Benz Financial Services, Nederland BV is part of Daimler Financial Services, a worldwide provider of financial services in over 40 countries, and managing a fleet of more than 3.7 million vehicles. The future business of the consolidated fleet operations between Daimler Fleet Management and Athlon will operate under the Athlon brand.
“For over 10 years, Athlon has been an important and profitable business line for DLL. However, as the mobility/car leasing industry continues to evolve, it became clear that future success would be based on expanded international coverage and a wider range of products and online propositions. With that in mind, we have found a shareholder in Daimler Financial Services that possesses the aspiration and drive to fuel Athlon’s future growth and success. This is the right step for Athlon and the right step for DLL, who can now wholly focus all of its resources, investments and innovation toward our core business of vendor finance, and create greater synergies with our parent, Rabobank”, said Bill Stephenson, CEO and Chairman of the Executive Board of DLL.
Frans Janssen, CEO of Athlon International adds: “Our ten years with DLL brought tremendous growth and expansion to our brand. To get to the next level, both parties spent significant time considering the future prospects for Athlon and of course the best interests of our customers, suppliers and employees. As such, we are very satisfied about our future direction with Daimler Financial Services. They are a renowned international organization and clearly aiming for growth.”