The German automobile giant is offering 2.5 billion euros for the takeover of Europcar.
Volkswagen presented Monday its offer to buy at 2.5 billion euros for the French lessor Europcar with the British fund Attestor and the Dutch mobility platform Pon, already accepted by its board of directors but subject to the green light of the ‘Financial Markets Authority. Volkswagen would eventually own 66% of the capital and voting rights of Europcar, Attestor 27% and Pon 7%, indicate in a press release the partners, united in a Luxembourg holding company.
It is not expected that Europcar will be “consolidatedIn the Volkswagen group, say the partners, while reserving the right to examine the possibility of a merger. World No. 2 in the automotive industry hears “continue the transformation of society, to expand its offer in the fields of mobility solutions by relying on its physical and digital platforms“.
No impact on Europcar’s human resources
This redemption “will strengthen Volkswagen’s skills in the areas of fleet management, dynamic pricing, etc., but also à la carte services to develop its mobility platform», Underline the partners. The offer should not have “significant impact” on the “current Company principles for workforce and human resources management», Reaffirmed the partners.
Europcar’s headquarters should remain in Paris and the number of full-time employees in France maintained “for a period of 12 months from the date of completion of the offer», Specifies the press release. A traditional activity for car rental companies, mobility services have interested manufacturers such as Volkswagen, BMW and Renault for several years, with an economic model that remains to be found.
Europcar was owned until 2006 by Volkswagen, which sold it for 3.32 billion euros to the French investment company Eurazeo. The consequences of the health crisis led Eurazeo to withdraw from the capital in early 2021 in favor of the group’s creditors, five American and British funds, including New Yorkers Anchorage (owner of the MGM studios) and Marathon.