In May 2023, Societe Generale announced the successful closing of its ALD Automotive subsidiary’s proposed acquisition of LeasePlan. The merger brought together the two leading players in the mobility sector to create the world leader in sustainable mobility solutions. Prior to this, LeasePlan had asked Legadex to provide legal support during the preparation phase of the transaction, including the coordination of the Information Request List (IRL) and setting up and managing the Virtual Data Room (VDR).
Challenge: collecting documents from over 40 entities
The central challenge during this transaction was to collect the legal documentation for the 40+ LeasePlan entities worldwide. To do this efficiently, we organised a kick-off with the legal department and the relevant stakeholders of LeasePlan. Once we had defined the scope of work, we created a tightly scheduled project plan and started coordinating the IRL and the document collection.
Solution: a collaboration platform and data room management
Once the IRL had been shared with the relevant LeasePlan entities, we created a collaboration platform where the requested documents could be uploaded. Our M&A team reviewed the documents, checked that they were relevant, whether agreements were still active and fully signed, and whether all the attachments were included. We monitored this process using advanced workflow tools, regularly updating LeasePlan to ensure transparency and efficiency.
Parallel to this we advised LeasePlan on setting up the VDR index. We developed a tailor-made folder structure divided per country, and different categories, such as Legal Documentation, Tax and Finance, for example. We uploaded the final versions of the documents to the relevant folders. We also gave the documents in the VDR a structured title which included the date, entity and type of document, and we redacted sensitive information such as GDPR-related data, company secrets and price information. When the VDR was ready to go ‘live’, we gave access to the selected parties and managed the different type of permissions. We also advised on and set up the Q&A workflow.
Results: all deadlines met in a successful deal
With the support of Legadex, LeasePlan felt they were in control and could approach the preparation phase of the transaction with confidence. Documents were collected and processed on time, meeting all deadlines, which ensured that documentation in the VDR was accurate and thorough. This organised approach allowed ALD Automotive to conduct their due diligence efficiently and effectively. Moreover, our management of the Q&A process ensured timely and accurate responses to all buyer inquiries, facilitating a smooth and transparent transaction process
Conclusion
Legadex's structured approach in setting up and managing the VDR, coupled with our expertise in guiding the due diligence and Q&A processes, significantly contributed to the successful completion of the LeasePlan and ALD Automotive transaction.