Custom Fleet cleared to acquire Hertz Fleetlease

Commission clears Custom Fleet to acquire Hertz Fleetlease

The Commerce Commission has approved a clearance application from Custom Fleet (NZ) Limited to acquire the shares of Hertz Fleetlease Limited from Ford Motor Credit Company.

Custom Fleet is a wholly-owned subsidiary of Bank of New Zealand and provides fleet leasing and a small level of fleet management services.

Hertz Fleetlease offers both fleet leasing and fleet management services in Australia and New Zealand. It also operates a small office equipment leasing business in New Zealand.

Chair John Belgrave said the Commission is satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the fleet leasing and fleet management markets.

The Commission’s written decision on the application will be available soon on the Commission’s website, http://www.comcom.govt.nz/adjudication.

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