Bermudian-based Athene Holding Ltd, the financial services company, has served as the lead investor in the transaction and is the majority shareholder of a new, unified fleet management business.

The company said LeasePlan USA and Wheels Donlen announced the completion of their previously announced combination.

Athene said combining LeasePlan USA and Wheels Donlen creates a corporate mobility solutions leader, with greater scale, enhanced investment capacity and differentiated capabilities to better serve clients globally.

The combined company, which manages more than 800,000 vehicles and $7 billion of assets in the US, will be led by CEO Shlomo Crandus.

Matt Dyer, previously CEO of LeasePlan USA, will serve as its president and as a board member of the combined company.

Athene said the financial and operational strength of the combined company supports an ambitious go-forward strategy to deliver an enhanced suite of client solutions across fleet, last-mile delivery, trucks and equipment, including greater electric vehicle and digital technology integration

Jim Belardi, CEO of Athene Holding Ltd, said: “For Athene, this transaction follows our longstanding strategy to invest in businesses with strong fundamentals, underwriting and direct origination capabilities.

“We are committed to the growing fleet management market and the leading role that the combined Wheels Donlen LeasePlan will play in serving the fast-evolving fleet needs.

“With the closing of this transaction, we look forward to more opportunities to invest in the combined company and equipping the business for long-term success.”

The combined company, currently called Wheels Donlen LeasePlan, is expected to rebrand in the first quarter of 2023.