BMW Group and Daimler Mobility have agreed to sell their joint venture Park Now Group to EasyPark Group, subject to the usual approval by relevant authorities.
Park Now is the parking operation of the carmakers' Your Now joint ventures along with services for car sharing (Share Now), ride hailing and trip planning (Free Now/Reach Now), as well as charging (Charge Now) in Europe, and North and South America.
EasyPark, a 20 year old international company, intends to acquire Park Now in order to further expand its business activities according to its global growth plan.
Under the umbrella of the Park Now Group, both automaker owners of the Your Now JVs have developed a global provider of digital parking services in recent years. Park Now operates under the brands RingGo [big here in the UK – ed], Park Now, Park-line and Parkmobile in 11 countries. The group offers a broad range of parking related digital services in car parks and on street in 1,100 cities. Customers can reserve, book and pay for parking spaces online in advance via apps.
EasyPark is a European mobility company which helps drivers remotely find, manage, and pay for both parking and electric vehicle charging and operates in 2,200 cities in 20 countries throughout Europe and Australia.
The intended acquisition of Park Now Group enables EasyPark to grow further and become a global pacesetter in parking-related digital mobility services, Daimler and BMW said in a joint statement, adding the two companies were "perfectly positioned for market coverage in the US and Europe".
"We welcome EasyPark's acquisition of our joint parking services business. This is a substantial step in the ongoing evolution of these digital services and will create a sustainable momentum to the benefit of customers and of further innovation," said Rainer Feurer, BMW's VP of corporate investments.
Terms were not disclosed.