Key facts
- FleetPartners received an indicative takeover proposal from Pacific Equity Partners (PEP) for A$760.3 million ($534.5 million).
- The offer price of A$3.60 per share represents a 27% premium to FleetPartners' last closing price of A$2.83.
- FleetPartners shares surged up to 17% to A$3.31, reaching a 20-month high.
- PEP intends to merge FleetPartners with its existing portfolio company, SG Fleet.
- The proposal is subject to regulatory approvals, including from the ACCC and the Foreign Investment Review Board.
FleetPartners announced on Monday that it has received an indicative takeover proposal from private equity firm Pacific Equity Partners (PEP) to acquire the vehicle-leasing company for approximately A$760.3 million ($534.5 million). The offer price of A$3.60 per share represents a 27% premium to FleetPartners' last closing price of A$2.83, putting its shares on course for their biggest intraday percentage gain in over six years.
PEP, which acquired SG Fleet for $1.4 billion in 2025, plans to merge FleetPartners with SG Fleet, creating one of the country's largest vehicle fleet management companies. FleetPartners' shares surged as much as 17% to A$3.31, reaching a 20-month high following the announcement.
The unsolicited, non-binding, and conditional offer is subject to several conditions, including regulatory approval from Australia's competition watchdog ACCC, the Foreign Investment Review Board, and the New Zealand Commerce Commission. FleetPartners has appointed UBS as its financial adviser and HSFK as its legal adviser. The company's board is currently reviewing the proposal and will provide further updates to shareholders in due course. This bid aligns with a broader trend of increasing private equity interest in Australian companies across various sectors.