Santander completes purchase of Athlon Sweden
Santander Consumer Finance (SCF) has announced its entry into the Swedish market for leasing services with the acquisition of Athlon Sweden AB, a subsidiary of Mercedes-Benz Mobility. The deal, which is expected to close in the first half of next year, subject to approval from relevant competition authorities, marks a significant step in SCF's growth strategy in the Nordic region.
Athlon Sweden, based in Malmö with a sales presence in Stockholm, is the ninth-largest player on the Swedish market. The company has grown rapidly over the past five years and currently manages a portfolio of 5,200 cars and light commercial vehicles (LCVs).
The acquisition will not include Athlon's operations outside of Sweden. However, Athlon Sweden's team will continue to serve customers after the acquisition, ensuring a smooth transition for both domestic and international clients.
Ignacio Barbadillo, global head of Leasing at SCF, explained that the acquisition of Athlon Sweden will enable the development of a Nordic leasing competence hub for business expansion in the Nordics and Europe. By joining Athlon's partner network, SCF aims to achieve significant growth in the Nordic region.
Christian Schueler, CEO of Athlon, stated that the company will focus its activities and investments outside of the Nordics, leading to the sale of its Swedish subsidiary, Athlon Sweden. This move is part of Athlon's strategy to optimise its portfolio and focus on core markets.
Thanks to the acquisition, SCF will be able to offer a wider range of mobility services to its customers and partners. The deal is in line with Grupo Santander's ambition to provide full-service vehicle leasing products. Moreover, the acquisition supports SCF's operational lease strategy in the Nordics.
Athlon Sweden has a well-established team with expertise in operational leasing and fleet management. With this acquisition, SCF expects to strengthen its position in the Swedish market and expand its operations in the region.
Further details on plans for future business development will be revealed after the deal's closure. However, it is clear that this acquisition will bring about exciting opportunities for both SCF and Athlon Sweden, as they embark on this new chapter in the leasing industry.
