Sumitomo Corp and Sumitomo Mitsui Auto Service have tabled a cash offer valuing Australia’s FleetPartners at A$813.1 million (US$582 million), proposing A$3.85 per share. The bid represents a 34% premium to FleetPartners’ closing price on July 31, according to a statement released late Tuesday.
The proposal marks the fourth competing offer for FleetPartners in less than a month, intensifying a bidding war that has drawn in multiple international and domestic suitors. SG Fleet, backed by Pacific Equity Partners, currently holds the highest bid at A$4.00 per share, submitted two weeks prior after its initial approach was rejected.
Japan’s ORIX and Canada’s Element Fleet Management have each offered A$3.80 per share, matching their previous proposals. FleetPartners operates one of Australia’s largest vehicle leasing businesses, with its novated leasing unit contributing nearly 20% of operating earnings in fiscal 2025. The segment’s growth has been supported by tax incentives for eligible electric vehicles, driving demand among corporate and individual clients.
Novated leasing allows employees to finance a vehicle through their employer, often reducing income tax obligations. The structure has gained traction in Australia as buyers seek tax-efficient financing options amid rising vehicle costs and policy support for electric vehicles.
