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Volkswagen buys Europcar back
The Volkswagen Group is buying back Europcar, the company that was only sold in 2006.
Volkswagen buys Europcar back
In a consortium with the London-based asset manager Attestor Limited and the Dutch mobility provider Pon Holdings B.V. Volkswagen will submit a recommended takeover offer for the Europcar Mobility Group (“Europcar”). Europcar is the leading mobility service and car rental provider in Europe. The company has more than 3,500 locations in over 140 countries, a fleet of more than 350,000 vehicles (as of 2019) and more than five million customers annually. The minimum acceptance threshold for the takeover offer is 67 percent. Shareholders, who together hold 68 percent of Europcar shares, have already made a binding commitment to tender them. The Board of Europcar Mobility Group welcomes the takeover offer for all outstanding shares at 0.50 euros per share, which corresponds to an enterprise value of 2.9 billion euros. The Supervisory Board of Volkswagen AG approved the proposed transaction at an extraordinary meeting.
Herbert Diess, CEO of the Volkswagen Group: "The mobility market is changing rapidly. Customers are increasingly looking for new, innovative 'on-demand' mobility solutions, such as subscription or sharing models - as an alternative to their own car. That's why the development of a leading mobility platform is an important cornerstone of our recently presented New Auto Strategy until 2030. Europcar has modern fleet management and a wide network of stations at airports, train stations and in “This will help us to achieve our ambitious goals for expanding mobility services more quickly. Together with our consortium partners Attestor and Pon, we will further develop Europcar’s business and add additional, selected services from brands from the Volkswagen Group.”
The consortium is relying on a cooperative approach to ensure the successful transformation of Europcar in the coming years. Volkswagen will hold a majority stake in the investment company founded for the transaction, Green Mobility Holding S.A. (“Green Mobility Holding”). However, to ensure a balanced governance structure and leverage the strengths of each consortium partner, Volkswagen will not control Green Mobility Holding. This means that neither Green Mobility Holding nor Europcar will be consolidated in the Volkswagen Group. Any interaction with Green Mobility Holding and Europcar will take place on normal market terms.