Europcar sells its 25% stake in car2go Europe for €70m
Europcar Group signed today an agreement with Daimler Mobility Services on the sale of its 25% stake in car2go Europe GmbH The completion of the transaction requires the approval of the competent antitrust authorities.
The parties expect to receive these approvals and close the transaction before the end of the second quarter of 2018.
car2go Europe GmbH was founded in 2012 and operates today in 14 cities across Europe.
Caroline Parot, Europcar Group’s Chief Executive Officer, stated: “We want to thank the Daimler Group for our longstanding partnership since 2012 within car2go Europe. This investment has taught us a great deal about car sharing and the acquired knowledge will be most valuable to us as we continue to expand our fully owned companies such as Ubeeqo, BlueMove or Brunel in the New Mobility space.
As mentioned during our recent investor day, the Europcar Group will significantly expand its exposure to New Mobility segments - such as car sharing, ride hailing, multi-modal platforms and car pooling. We expect to spend between 150 to 250 million euros over 2018-2020 in New Mobility capex and M&A (including strategic partnerships). The sale of our 25% stake in car2go Europe significantly contributes to this funding.
Our aim is to address better new customer needs and continue to leverage the Group’s key assets, namely its fleet management capabilities and its diversified customer reach, to position the Group successfully in the Mobility ecosystem in order to capture its double-digit growth prospects by 2025”.
Jörg Lamparter, Daimler’s Head of Mobility Services, stated: “Over the course of the last several months, we have intensified our investments in mobility services in order to create a holistic mobility system with a broad portfolio. As part of this strategy, we decided to fully acquire the remaining shares in car2go Europe. We want to thank Europcar for their great support as we went from a car sharing start up to the leading car sharing company in the world”.