Arval said its Netherlands-based subsidiary Arval BV acquired 100% of TBLG’s shares from Koninklijke Terberg Groep and AutoBinck Groep.
In September, Arval B.V. reached a deal to buy TBLG from Royal Terberg Group and AutoBinck Group.
“After consultation with the works councils of both organizations, confirmation was received on 16 November 2022 from the European Commission that the acquisition is in line with European Union competition law,” Arval said in a statement.
“With this acquisition, we are diversifying our product range and acquiring a leading position in the private lease market in Belgium and the Netherlands. Diversification and the strengthening of our digital capacity accelerate our ambition to become a mobility partner that offers customers the optimal mix of mobility solutions,” commented Andrea Falcone, newly appointed general manager of Arval Netherlands.
Falcone and Rogier van Ewijk, TBLG’s current CEO, “will be responsible for the day-to-day management of Arval Netherlands,” according to the company.
Founded in 1989, Arval is owned by international banking group BNP Paribas. It describes itself as a provider of vehicle leasing and new mobility services.
Headquartered in Utrecht, TBLG was established in 2019 by the merger of Terberg Leasing and Business Lease Nederland. It has nearly 40,000 lease cars.
As a result of the merger, Arval will have around 500 employees and more than 100,000 lease vehicles.
The announcement came after the European Commission recently issued a conditional approved for another car leaser, ALD, to acquire Netherlands-based LeasePlan.