DLL, a Rabobank subsidiary and global provider of asset-based financial solutions, confirmed the sale of its mobility solutions entity Athlon Car Lease International B.V. including all its subsidiaries to Daimler Financial Services, a division of Daimler AG.

The sale transaction, announced in July 2016 and valued at € 1.1 billion, recently received final approvals and consents from the necessary regulatory authorities. The company will continue to operate under the Athlon brand name, with the current offices of Athlon in Almere, The Netherlands, serving as headquarters for the newly integrated fleet management company.

“We now hand over our vehicle leasing business to a company that possesses all prerequisites to continue Athlon’s track record of success”, stated Bill Stephenson, CEO and Chairman of the Executive Board of DLL. “This is the right step for Athlon and the right step for DLL, who can now wholly focus all of its resources, investments and innovation toward our core business of vendor finance, and create greater synergies with our parent, Rabobank.”

Wiebe Draijer, CEO of Rabobank, commented: “This sale represents a positive outcome for all parties. Athlon now has the opportunity to grow under the leadership of Daimler Financial Services, and DLL will further sharpen its vendor finance focus and continue to fulfill an important strategic role in our overall product portfolio. The transaction will also improve the Common Equity Tier One (CET1) ratio of Rabobank by approximately 40 basis points, which is fully in line with our ambition to further strengthen our capital position.”