The French bank Societe Generale is restructuring its vehicle leasing and fleet management business with a multi-billion-euro takeover.

Societe Generale said that its car leasing division ALD agreed to buy rival LeasePlan for 4.9 billion euros ($5.5 billion) from its current owners, a consortium led by London-based TDR Capital.

The proposed deal would be made through a combination of shares and cash.

After the proposed transaction, Societe Generale will hold slightly more than half of the shares in the merged leasing provider, which will then collectively manage 3.5 million vehicles.

Most recently, the bank held just under 80% of ALD. Societe Generale bought the company in 2001 and took it public in 2017. ALD's most recent stock market value was around 5.3 billion euros.

Volkswagen Group had a major stake in LeasePlan until the German carmaker sold it off in 2016.