Aug 11, 2026 – 9.58amPacific Equity Partners’ SG Fleet is shoring up bid financing for FleetPartners, just as two rival suitors threaten to spoil its party at the ASX-listed car leasing company.The buyout firm – advised by Citi and Bank of America – is in talks with existing lenders to upsize SG Fleet’s debt by more than $600 million, suggesting its aspirations to acquire rival FleetPartners are far from waning, said sources with knowledge of the negotiations.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
PEP lines up $600m-plus in debt as FleetPartners M&A battle heats up
Element’s emergence in the auction leaves rival suitors with less than eight hours to make their next move – and puts FleetPartners’ board in a tricky position.
TL;DRAI
SG Fleet is upsizing debt by $600+ million for Pacific Equity Partners' FleetPartners acquisition amid rival bidders. Bidding wars and tightening capital availability signal rising financing costs for mid-market deals across all sectors.
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