Volkswagen has agreed to sell its Europcar rental agency for EUR3.32bn (US$4 billion) including debt to French investment firm Eurazeo, the automaker said on Thursday, according to Reuters.
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Expected to close by the end of the second quarter, the transaction values the equity of Europcar, Europe’s biggest car rental agency, at about EUR1.26bn, Volkswagen added, according to the report, which noted that he deal’s equity value exceeded market expectations of just EUR1bn.
“Europcar offers the greatest potential for growth compared to the competition, both through the entry into new markets as well as the establishment of new partnerships,” Eurazeo management board member Xavier Marin said in a statement cited by Reuters.
The news agency noted that Volkswagen said on Tuesday it had decided against an expansion of Europcar after concluding that the investment was no longer of strategic importance to the group.
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