FleetPartners Group said on Wednesday it had received a takeover offer from a consortium led by Japan’s Sumitomo Corp, valuing the Australian vehicle lease provider at A$813.1 million ($582.26 million).
The offer escalates the takeover contest for the Australian firm into a four-way battle with Japanese financial services firm ORIX, Pacific Equity Partners (PEP)-backed SG Fleet, and Canada’s Element Fleet.
The fourth approach in a month highlights FleetPartners’ appeal, driven by its scaled fleet-leasing platform and its exposure to the fast-growing novated leasing market, which accounted for nearly a fifth of its operating earnings in 2025.
The consortium, comprising Sumitomo and vehicle leasing firm Sumitomo Mitsui Auto Service (SMAS), has offered FleetPartners shareholders A$3.85 in cash per share, a 34% premium to the stock’s close on July 31, before the bidding war began.
The offer tops competing bids of A$3.80 per share from ORIX and Element Fleet, but trails SG Fleet’s A$4.00 proposal, which the PEP-backed company raised two weeks ago after an initial approach was rebuffed.
FleetPartners shares have soared nearly 50% since SG Fleet first made a bid on August 3, giving the company a market value of A$904.4 million, as of August 25.
The Australian company has offered the Sumitomo consortium initial limited commercial and financial due diligence access as it continues to engage with other suitors.
Reuters
