Pacific Equity Partners acquires FleetPartners

Pacific Equity Partners (PEP) will acquire ASX-listed FleetPartners for around $1 billion, after a bidding war with Japan-based Orix and Sumitomo Corporation.

Under the deal, SG Fleet Management - a mobility solutions provider owned and controlled by PEP - will acquire 100% of the fully paid ordinary shares of FleetPartners for a cash consideration of $5.30 per share.

The deal values the company at $1.13 billion and represents an 87.3% premium to FleetPartners' last closing price of $2.83 on July 31, being the last trading day prior to the initial offer from SG Fleet.

FleetPartners shareholders will also benefit from the franking credits attached to any FY26 final dividend and any special dividend, FleetPartners said.

"The FleetPartners board unanimously recommends that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of FleetPartners shareholders," the board said.

FleetPartners chair Gail Pemberton said: "Following a comprehensive and competitive process, the board is pleased to have reached a binding agreement with SG Fleet at an attractive value for FleetPartners shareholders."

"We believe the transaction appropriately recognises the strength of FleetPartners' business, including the quality of its team and customer relationships, and the long-term growth opportunities that are inherent in our business."

FleetPartners chief executive Damien Berrell said he was pleased with the offer and also believes it reflects the strength of the business.

"Over many years, we have established a strong position in a growing market through an unwavering focus on customer service and disciplined execution of out strategy. We are excited about the prospect of working with SG Fleet to build on that foundation and continue delivering value for our customers, our people and out partners."