Sixt SE signs contract on the sale of its DriveNow stake to BMW Group
- Valuation of DriveNow at almost EUR 420 million demonstrates Sixt’s innovation prowess of establishing new ventures successfully on the market, upscale them and create significant corporate value
- Alexander Sixt, Managing Board Member & CSO: “This transaction enables Sixt SE out of its own strength to expand its position as leading mobility service provider by integrating all mobility services coherently under one roof.”
- Successful long-term partnership with BMW Group continues through vehicle delivery contracts
Pullach, 29 January 2018 – Sixt SE signed an agreement with BMW Group on the sale of its entire stake in the joint venture DriveNow to BMW Group today. Currently Sixt SE and BMW Group each hold half of the shares in the car sharing provider DriveNow. The completion of the transaction requires the approval of the competent antitrust authorities. The parties expect to receive these approvals by the second quarter of 2018.
DriveNow was founded in 2011 and is now valued at around EUR 420 million. Besides the non-recurring earnings effect Sixt SE does not expect the stake’s sale, which was consolidated at-equity, to have any material impact on revenue or earnings of the Group.
The Sixt Group, which operates over 215,000 vehicles in around 100 countries, and the BMW Group have been expanding DriveNow as part of the joint venture over a total of thirteen cities across Europe with a fleet of over 6,000 vehicles since spring 2011. Completion of the sale transaction will terminate the joint venture between Sixt and the BMW Group.
Alexander Sixt, Sixt SE Managing Board member for strategy and organization: “The transaction enables Sixt SE to expand its position as leading mobility service provider out of its own strength by integrating all mobility services coherently under one roof on the proprietary Sixt mobility IT platform. The joint development of DriveNow impressively demonstrates Sixt’s innovation prowess of establishing new ventures speedily on the market, upscale them and thereby create significant corporate value. We wish to thank the BMW Group for this success and look forward to continuing our strategic partnership through the vehicle delivery contracts for the BMW and MINI brand.”
Peter Schwarzenbauer, Board member of BMW AG: “We were able to write an exceptionally successful business chapter with DriveNow over the last seven years. We owe this to the achievements of the DriveNow colleagues and the excellent cooperation with Sixt, our joint venture partner. Sixt will continue to remain a strong partner for us in future.”
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