FleetPartners Shares Hit Record High as Takeover Bids Intensify

Shares of FleetPartners (ASX:FPR) jumped to a record high on Monday after an escalating bidding war saw three suitors increase their takeover offers for the Australian vehicle leasing company.

The stock surged 12.35% to close at a record A$4.64, significantly outperforming the broader S&P/ASX 200 index, which rose just 0.05%. The intense corporate interest has driven FleetPartners' shares up approximately 64% since the bidding process began at the end of July.

A Three-Way Contest

FleetPartners announced it had received revised, non-binding proposals from three parties. The company has granted all three bidders access to further due diligence as it evaluates the competing offers.

• ORIX Corp (Japan): Raised its offer to A$4.65 per share.
• Sumitomo Corp-led consortium: Matched the highest bid at A$4.65 per share.
• SG Fleet: Increased its proposal to A$4.55 per share.

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The A$4.65 per share offers value FleetPartners at approximately A$982.1 million ($702.2 million). A fourth suitor, Canadian fleet manager Element Fleet Management, has exited the process after declining to submit another revised offer, FleetPartners confirmed.

Strategic Appeal and Financial Performance

The fierce competition underscores the strategic value of FleetPartners' operations, particularly its novated leasing business. This segment, which allows employees to lease a vehicle as part of their salary package, has seen strong growth, reportedly benefiting from government incentives for electric vehicles.

According to company filings, the novated leasing division's operating earnings (EBITDA) grew 28% in fiscal 2025, accounting for nearly a fifth of the group's total. A recent quarterly update showed continued momentum, with novated leasing growing 20% year-to-date. In light of this performance, FleetPartners upgraded its outlook for new business in fiscal 2026 to high-single-digit growth.