FleetPartners Group Limited has received an unsolicited takeover proposal from SG Fleet Topco Limited, potentially bringing together two major fleet management and vehicle leasing businesses.
FleetPartners announced on 3 August that it received the indicative offer after the market closed on Friday, 31 July 2026.
The non-binding and conditional proposal values FleetPartners shares at $3.60 each and would involve SG Fleet acquiring 100 per cent of the company through a scheme of arrangement. The proposed price would be reduced by the value of any future dividends declared or paid to FleetPartners shareholders.
SG Fleet has made the approach with the support of its majority owner, Pacific Equity Partners, and associated entities.
Proposal subject to several conditions
The proposal remains at an early stage and is subject to several conditions before it could become a binding transaction.
These include SG Fleet completing satisfactory due diligence, confirming certain financial and operational assumptions, negotiating an acceptable scheme implementation agreement and receiving regulatory approvals.
The announcement specifically identifies approvals from Australia’s Foreign Investment Review Board and Australian Competition and Consumer Commission, as well as the New Zealand Commerce Commission.
“The FleetPartners Board, together with its advisors, is considering and evaluating the Indicative Proposal and will update shareholders in due course,” the company said.
FleetPartners has appointed UBS as its sole financial adviser and Herbert Smith Freehills Kramer as its legal adviser.
No action required from shareholders
FleetPartners stressed that there was no certainty the proposal would lead to a formal binding offer or completed transaction.
“Accordingly, FleetPartners shareholders do not need to take any action in relation to the Indicative Proposal at this time,” the company said.
The FleetPartners Board also said it remained confident in the company’s existing strategy, which is focused on delivering growth and returns for shareholders.
Any combination of SG Fleet and FleetPartners would represent a significant development for the Australian and New Zealand fleet management, leasing and salary packaging sectors. However, the proposal remains conditional and will require detailed assessment by the FleetPartners Board and relevant regulators before it can progress.
