Japan's Sumitomo Corporation has entered the bidding war for Australian vehicle leasing group FleetPartners, offering A$813.1m ($582m) according to Reuters. This makes Sumitomo the fourth suitor, joining SG Fleet, which is owned by Pacific Equity Partners (PEP). PEP took SG Fleet private in April 2025 with an enterprise value of A$1.4bn ($1.0bn) and has been using it as a platform to consolidate the market.

After an initial approach at A$3.60 per share in late July, PEP raised its bid to A$4.00, valuing FleetPartners at about A$845m ($605m). FleetPartners, formerly Eclipx Group, manages over 90,000 vehicles across Australia and New Zealand and reported A$2.4bn ($1.7bn) in assets under management. Novated leasing, which lets employees finance cars through employers, accounted for nearly a fifth of FleetPartners’ 2025 operating earnings, boosted by Australia’s fringe‑benefits tax exemption for eligible electric vehicles.

EVs now represent more than half of the company’s new novated leasing business, and clearer tax rules have improved demand forecasting. FleetPartners shares have risen about 50 % since SG Fleet’s approach was disclosed on 3 August, though they eased roughly 1 % after Sumitomo’s bid. The target has granted Sumitomo’s consortium limited due‑diligence access while continuing to engage other suitors, advised by UBS and Herbert Smith Freehills Kramer.