Europcar Group has sold its 25% share in car2go Europe, the Daimler AG subsidiary car rental company that operates in 14 cities across Europe.
The agreement with Daimler Mobility Services to acquire Europcar’s 25% stake in car2go Europe GmbH requires the approval of the competent antitrust authorities. This is expected before the end of the second quarter of 2018.
car2go Europe GmbH was founded in 2012 and offers exclusively Smart Fortwo and Mercedes-Benz vehicles. Worldwide, car2go is the largest car-sharing company in the world with 2,500,000 registered members and a fleet of nearly 14,000 vehicles in 26 locations in North America, Europe and Asia as of July 2017.
“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,” explained Jörg Lamparter, Daimler’s Head of Mobility Services. “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”.
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”.