Sumitomo Corp and Sumitomo Mitsui Auto Service have submitted a A$813.1 million (US$582 million) cash bid for FleetPartners, valuing the Australian vehicle leasing company at A$3.85 per share. The proposal represents a 34% premium over FleetPartners’ closing price on July 31, prior to the onset of the bidding war.
The offer follows three competing bids from ORIX, Element Fleet Management, and SG Fleet—backed by Pacific Equity Partners—which have successively raised their offers over the past month. SG Fleet currently leads with a A$4.00 per share proposal, submitted two weeks after its initial A$3.80 offer was rejected by FleetPartners’ board. Sumitomo and ORIX each proposed A$3.80 per share, while Element Fleet matched that figure.
FleetPartners operates as one of Australia’s largest vehicle leasing providers, with its novated leasing division contributing nearly one-fifth of operating profit in the 2025 fiscal year. Novated leasing, which allows employees to finance vehicles through salary packaging with potential tax benefits, has gained traction amid government incentives for eligible electric vehicles.
The Sumitomo-led consortium’s bid marks the fourth formal offer received by FleetPartners in less than 30 days, underscoring the intensity of the takeover contest. FleetPartners’ board has not yet indicated a preferred bidder or timeline for a decision.
