The decision to divest Athlon dates back to late 2025, as part of a portfolio review undertaken by the group. The contracts were signed on the last day of April 2026, and the transaction is expected to be finalised in the second half of 2026, subject to the necessary regulatory approvals.
Although the value of the transaction has not been disclosed, Mercedes-Benz expects it to have a positive impact on its liquidity, given that the group already had net industrial cash of €33.8bn at the end of March 2026. The transaction forms part of a broader strategy to optimise capital and refocus on its industrial and technological activities.
On the buyer’s side, BNP Paribas intends to accelerate the growth of its subsidiary Arval, already one of the leading players in the European car leasing market. The integration of Athlon would create a portfolio of nearly 2.3 million vehicles under management, compared with around 1.9 million for Arval alone, significantly strengthening its presence in the continent’s key markets. This includes Luxembourg, where it generated turnover of €81m in 2024.
The banking group has outlined specific financial projections. The expected return on investment (ROIC) is estimated at 18%, with a contribution to earnings per share of around €200m over the next three years. The impact on the CET1 capital ratio is estimated at around -13 basis points, an effect that has already been factored into the group’s capital trajectory.
Beyond the figures, the deal is driven by a clear business rationale. It is intended to generate cost synergies and improve the operational efficiency of the combined entity in a rapidly consolidating market. Critical mass is indeed becoming a decisive factor in the face of investments linked to fleet electrification and changing mobility patterns.
This transaction thus reflects a two-pronged strategic move: on the one hand, Mercedes-Benz is continuing to streamline its financial operations to support its industrial investments; on the other, BNP Paribas is strengthening its position in a growing segment, with the aim of establishing itself as a joint European leader in car leasing.
