FleetPartners Shares Hit Record High After Agreeing to $787 Million SG Fleet Offer

3-line summary

• Australia's FleetPartners Group agreed Monday to a cash takeover by SG Fleet at A$5.30 per share via a scheme of arrangement, valuing the deal at A$1.13 billion (US$787 million); the offer is an 87.3% premium over FleetPartners' A$2.83 close on July 31, the day before SG Fleet's initial private approach, and A$0.65 above the highest revised non-binding proposal received September 14. The consideration will be reduced by any dividends paid before completion, with a final dividend of up to 14 Australian cents and a special dividend of up to 12 cents possible.
• FleetPartners' board unanimously recommended shareholders approve the deal, subject to no superior proposal emerging; shares rose about 7.2% to A$5.115 in Sydney trading following the announcement, a record high.
• SG Fleet, owned by funds managed and advised by Pacific Equity Partners, operates in Australia, New Zealand, and the UK; a shareholder vote is expected in February 2027, with completion targeted for March 2027.

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