The deal, first announced in July, has been completed after receiving regulatory approval from the European Commission and makes Arval the continent’s biggest fleet service provider.
The transaction included more than 160,000 vehicles in 12 European countries, three quarters of which are located in France, Germany and the UK, with total assets coming to 2.4bn.
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BNP said the deal would have a minor impact on the BNP Paribas Group’s common equity Tier 1 ratio, but that it would be offset by the disposals of the Group’s stake in Kleppierre completed in June and November 2015.
The deal is part of a global transaction in which Element Financial, Arval’s strategic partner in North America, has also finalised the acquisition of GE Capital Fleet Services businesses in the United States – which closed in August – and in Mexico, Australia and New Zealand, which was completed at the end of September.
As a result, the Element-Arval global alliance has over 3 million vehicles in 47 countries.
Arval’s chief executive officer Philippe Bismut said BNP clients would benefit from greater geographical coverage and that the business would be "redoubling" its efforts to provide its service to them.
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