Sixt SE signs contract on the sale of its DriveNow stake to BMW Group
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.
The value of all shares in the joint venture, which was established seven years ago, was rated around EUR 420 million. Accordingly, a purchase price of EUR 209 million was agreed upon for all shares that Sixt SE holds in DriveNow. With completion of this transaction Sixt SE will presumably generate an extraordinary pre-tax profit of around EUR 200 million at Group level in the current financial year 2018. Apart from this non-recurring earnings effect, the company does not expect any significant impact on Group sales or earnings from a sale of the at-equity consolidated investment.
The transaction enables Sixt SE to expand its position as a leading mobility provider independently by integrating all mobility offerings under one single roof.
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