PGGM, ATP join sovereign wealth funds in €3.7bn car-lease deal

first_imgThe €186bn Dutch asset manager PGGM and the €110bn Danish statutory pension fund ATP have bought minority stakes in Dutch car-lease company LeasePlan.They made the investment as part of an international group, which purchased full ownership from Global Mobility Holding – jointly owned by Volkswagen Group and Germany-based Fleet Investments – in a €3.7bn transaction.The consortium included the sovereign wealth funds of Abu Dhabi (ADIA) and Singapore (GIC), as well as institutional investment funds managed by TDR Capital and Goldman Sachs’s Merchant Banking Division.PGGM spokesman Maurice Wilbrink said: “We consider LeasePlan as a very promising company with a solid growth strategy for added value.” PGGM, asset manager for the €166bn healthcare scheme PFZW, cited its participation as “a long-term investment with an attractive risk/return ratio”.It said it would supply one of the consortium’s additional two members on the supervisory board of the car-lease firm, and that the group would share its expertise with the company’s management.Wilbrink declined to provide details about PGGM’s stake or about expected returns.The €19.7bn company, however, reported a net profit of 14% over 2014.On behalf of the consortium, Eric-Jan Vink, head of PGGM’s private equity team, said: “We are investing in the future of a company with an unmatched portfolio of market-leading assets, highly knowledgeable and dedicated staff and a sound strategy under a highly experienced management.”According to LeasePlan, the group intended to finance the acquisition through an equity investment of approximately 50% of the purchase price, a mandatory convertible note of €480m and a cash-pay debt facility of €1.55bn.Founded in 1963, the company has become a global market leader, with operations in 32 countries and total fleet management of 1.4m vehicles.It employs 6,800 staff in total.The deal should be concluded by the end of this year, pending regulatory approval.last_img read more

England throw away early advantage in Women’s Ashes Test

first_imgENGLAND surrendered a powerful position under lights here at North Sydney Oval, leaving the door open for Australia in the only Test match of the Women’s Ashes series.The tourists lost Natalie Sciver, Georgia Elwiss, Sarah Taylor and Katherine Brunt to the pink ball in the final session, to move from 177 for three to 235 for seven by stumps.The key moment was Ellyse Perry’s reflex caught-and-bowled off Taylor for 29. Perry stuck out her left hand to deflect the ball into her own shoulder then snared it one-handed on the rebound to get rid of England’s trump card.England could still press for advantage on day two, with a first-innings score anywhere near 300 likely to be competitive in a format as unfamiliar to Australia’s players as to England.Fran Wilson remains at the crease on 11, with Anya Shrubsole yet to score. It will be up to them to push out the lead in a match that England cannot afford to lose. Australia lead by four points to two in the multi-format series, with the Test worth four points, and the three subsequent Twenty20s two each.England captain Heather Knight won the toss but her openers did not make full use of the day’s best conditions with a cautious first session, making 61 for one.Knight and Tammy Beaumont got the momentum going in the second session, cracking 16 boundaries between them as Beaumont made 70 and Knight to 62.But both fell just as the daylight began to fade in the historic day-night Test and the lights took over.The evening session with the pink ball is known as the most dangerous in this format and so it proved to England. Sciver and Elwiss made it to the break but came undone thereafter.last_img read more