Arval, the European fleet car giant which has its UK base in Swindon, this morning completed the acquisition of rival GE Capital’s European fleet management activity.
The transaction was finalised after Arval, owned by French group BNP Paribas, received approvals from the European Commission and all other relevant regulatory authorities. 
The acquisition, which was announced in June, covers more than 160,000 vehicles in 12 European countries. The UK, France and Germany represent more than three-quarters of these, with total vehicle assets amounting to around €2.4bn.
According to trade title Leasing News, combining the UK risk fleets of Arval (110,324) and GE Capital Fleet Service (42,047), moves Arval to from fourth to second place in the market, putting it ahead of LeasePlan (147,276 vehicles), which has been in second spot for the past seven years.
Arval CEO Philippe Bismut said: “We are very happy to welcome colleagues and clients of European GE Capital fleet services. Our clients will now benefit from greater geographical coverage and we’ll be redoubling our efforts to ensure our service quality and provide them with expert advice.
“With the strength of BNP Paribas and the expertise of our local teams, Arval now becomes the number one full-service vehicle leasing specialist in Europe. In addition, by enhancing our cooperation with Element Financial, we’re creating a stronger, more efficient worldwide network.”
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 (closed at the end of August) and in Mexico, Australia and New Zealand (closed at the end of September).
As a result, the Element-Arval Global Alliance now becomes a global leader with a fleet of more than 3m vehicles in 47 countries.
Arval employs more than 5,000 staff in 26 countries, around 500 of them at its UK headquarters on Swindon’s Windmill Hill Business Park. Arval arrived in Swindon after buying US fleet car giant PHH, which had been based in the town since the 1970s, moving to its current showpiece office at Windmill Hill in 1985.
