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(Alliance News) - Germany's Aurelius Equity Opportunities SE & Co on Monday said it acquired commercial fleet management operator BT Fleet Solutions from BT Group PLC for an undisclosed price.
The transaction is expected to be completed in the second half of 2019. The latest published statutory accounts for BT Fleet Ltd showed revenue of GBP209.5 million.
The divestment of non-core BT Fleet Solutions aligns with BT's transformation programme, the FTSE 100-listed telecommunications company explained, as well as its strategy of focusing on converged connectivity and services, with further investments in both its fixed and mobile networks via programmes such as full fibre and 5G.
Aurelius said its operational task force will support BT Fleet Solutions in "executing a carve out from BT", ensuring a seamless continuation of the company's day-to-day operations, whilst working to position the business as an independent entity. BT Fleet Solutions is expected to be rebranded within the next 12 months.
"With BT's renewed focus on investing in the best fixed and mobile networks in the UK, and with BT Fleet Solutions well positioned to achieve further growth, the time is right for the business to find a new home," said Gerry McQuade, chief executive of the BT Enterprise unit.
"This acquisition is a further example of Aurelius' specialism in acquiring non-core divisions that have been carved out of large corporates, and are in need of operational support to transform them into standalone, sustainable organisations," added Aurelius Chair & Chief Executive Dirk Markus.
Aurelius is a mult-asset manager based in Munich.
BT shares were trading 1.4% lower on Monday in London at 183.42 pence each.
