Caleres(US:CAL) GlobeNewswire News Room·2024-10-31 07:00Core Viewpoint - Crédit Agricole Leasing & Factoring (CAL&F) is acquiring Merca Leasing to enhance its presence in the German leasing market, aligning with its European development strategy [1][2][4]. Company Overview - Merca Leasing, founded in 1989, is one of the top ten independent leasing companies in Germany, focusing on SMEs and offering tailored leasing solutions, particularly in financing industrial equipment [3][10]. - Merca Leasing manages leasing assets with an acquisition cost of approximately €750 million in outstanding receivables [3]. Strategic Importance - The acquisition is part of CAL&F's strategy to expand its offerings in the dynamic German leasing market, where 75% of companies include leasing solutions in their investment plans [4]. - By integrating Merca Leasing's expertise, CAL&F aims to broaden its service offerings, particularly in Mobility, IT, and Machine-Tools, while strengthening its position in the Direct Sales channel [5][7]. Transaction Details - The Share Purchase Agreement was signed on October 30, 2024, and is subject to regulatory approvals from German BaFin and the German Competition Authority, with completion expected in early 2025 [6]. - The impact of the transaction on Crédit Agricole S.A.'s CET1 ratio is not significant [6]. Leadership and Management - Merca Leasing's CEO, Ulrich Helmdach, will continue in his role post-acquisition, ensuring continuity for employees, clients, and partners [8]. - The acquisition is seen as a way to strengthen Merca's growth ambitions with the support of the Crédit Agricole Group [8]. Market Context - CAL&F has been active in the German factoring market for over 30 years and began its leasing activities in 2020, indicating a long-term commitment to the region [4]. - The German leasing market is characterized as very dynamic, with leasing viewed as an enabler for innovation among SMEs [4].