A consortium led by Japan’s Sumitomo Corp submitted an A$813.1 million ($582.3 million) cash offer for Australia’s FleetPartners, valuing the vehicle leasing firm at A$3.85 per share.
The bid, disclosed on Wednesday, follows competing proposals from ORIX, Element Fleet and SG Fleet, which raised its offer to A$4.00 per share two weeks ago after an initial approach was rejected. FleetPartners’ shares have risen nearly 50% since SG Fleet launched its takeover approach on August 3, though they were trading about 1% lower at the time of reporting.
The Sumitomo-led offer represents a 34% premium to FleetPartners’ closing price on July 31, according to the article. FleetPartners has granted the consortium limited access to commercial and financial due diligence while continuing discussions with other suitors.
FleetPartners operates one of Australia’s largest vehicle leasing businesses, with its fast-growing novated leasing segment contributing nearly a fifth of operating earnings in fiscal 2025. Novated leasing allows employees to finance vehicles through their employer, often with tax advantages, while industry tailwinds include incentives for eligible electric vehicles.
Managing Director of Datt Capital Emanuel Ajay Datt said the presence of four international bidders underscores FleetPartners’ franchise value amid global fleet consolidation trends. “With four bidders now circling, we expect the process to clear A$4.00 driven by strategic synergies rather than pure financial arbitrage,” Datt said.
The bidding war highlights increasing competition for scale in Australia’s vehicle leasing market, with suitors including Japan’s ORIX, Canada’s Element Fleet and SG Fleet, backed by Pacific Equity Partners.
