CANBERA (dpa-AFX) - Element Fleet Management Corp. (EFN.TO), the world's largest publicly traded pure-play automotive fleet manager, confirmed that it has submitted a non-binding indicative proposal to acquire FleetPartners Group Limited (FPR.AX), fleet management company in Australia and New Zealand. The acquisition would be structured by way of a Scheme of Arrangement at A$3.80 per share in cash.
Under the proposal, FleetPartners shareholders would receive cash consideration of A$3.80 per share, representing a total equity value of approximately A$820 million (US$578 million). This offer equates to a 34.3% premium to FleetPartners' undisturbed share price of A$2.83 as at 31 July 2026.
In addition, Element has offered, on a conditional basis, to increase the offer consideration to A$4.00 per share if, prior to 5:00 p.m. Sydney time on August 11, 2026, the FleetPartners Board agrees to enter into a process deed. This deed would include a three-week period of hard exclusivity, during which Element would seek to complete due diligence and execute a binding Scheme Implementation Deed.
FleetPartners Group was trading at A$3.85 up A$0.38 or 10.95%, on the Australian Stock Exchange.
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