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Bond Market News
BNP Paribas In Talks To Acquire Mercedes’ Car Leasing Unit for €1bn
December 19, 2025
BNP Paribas is in talks to acquire Mercedes-Benz’s car-leasing subsidiary Athlon in a deal valued at about €1bn ($1.2bn), strengthening the bank’s presence in Europe’s vehicle leasing market. The acquisition would significantly expand BNP Paribas Arval (its global vehicle leasing and new mobility solutions arm) adding roughly 400,000 vehicles and lifting its full-service leasing fleet to nearly 2.3mn vehicles, narrowing the gap with market leader Ayvens. BNP said the transaction would create a joint European leader in long-term car leasing and deliver meaningful cost synergies. The deal aligns with BNP Paribas’ strategy to scale its vehicle leasing platform while having only a limited capital impact, with an estimated 13bp hit to its CET1 ratio. BNP expects the acquisition to generate an 18% return on invested capital and add close to €200mn ($234.5mn) to net income per share by the third year after completion. Mercedes-Benz will use proceeds from the divestment to focus on its core operations. The transaction is expected to be signed in early 2026 and completed in the third quarter of 2026, subject to regulatory approvals.
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