- Sale of 41.9% shareholding in Sixt Leasing SE to Hyundai Capital Bank Europe GmbH, a joint venture between Santander Consumer Bank AG and Hyundai Capital Services Inc.
- Based on a sales price of EUR 18.00 per share, the divestment generates a total consideration of EUR 155.6 million; sale yields an attractive premium of around 40.8% on the unaffected volume-weighted average price of the Sixt Leasing shares of the last three months
- Focusing management capacities and significant optimisation of balance sheet structure enables further expansion and growth in strategic core business
- Hyundai Capital Bank Europe GmbH to submit voluntary public takeover bid for all remaining shares in Sixt Leasing
- Erich Sixt, CEO of Sixt SE: “Following the IPO of Sixt Leasing SE in 2015, the current decision to divest our remaining shareholding constitutes a consistent strategic step.”
The purchase price agreed for the sale of the participation amounts to approximately EUR 155.6 million, or EUR 18.00 for each share sold. This equals a premium of around 40.8% on the unaffected volume-weighted average price of the Sixt Leasing shares of the last three months as of 18 February 20201. In addition, Sixt SE will be entitled under the agreement to a dividend on its participation in Sixt Leasing SE for the financial year 2019, depending on the consolidated profit for the financial year 2019 as stated in the audited consolidated financial statements of Sixt Leasing SE, of up to EUR 0.90 per share. Against this background, Sixt SE has communicated to Sixt Leasing SE, subject to sufficient unappropriated profits, an expected dividend for the fiscal year 2019 in the amount of up to EUR 0.90 per share. Should the sale be completed prior to this year's annual general meeting of Sixt Leasing SE, the purchase price would increase accordinglyto up to approximately EUR 163.4 million or up to EUR 18.90 per share sold. In this case, the afore mentioned premium would increase to up to round 47,9%.
This decision means that Sixt SE will focus even more on its activities in its "Mobility" business segment, which includes vehicle rentals as well as the new digital mobility services on the basis of the mobility platform ONE. In this segment, SIXT is the industry's innovation leader and has for years outperformed competitors significantly. The primary focus remains on driving forward the ongoing digitisation and, in particular, the international expansion in the USA and Western Europe. According to current plans, leasing products will cease to be part of SIXT's product portfolio in future.
In connection with the conclusion of the agreement with Sixt SE, Hyundai Capital Bank Europe GmbH announced its decision to make a voluntary public takeover bid to all shareholders of Sixt Leasing SE for the acquisition of the remaining shares in Sixt Leasing SE at an offer price in cash which corresponds to the above purchase price per share payable by Hyundai Capital Bank Europe GmbH for the acquisition of the participation of Sixt SE in Sixt Leasing SE.
The completion of the sale of the participation of Sixt SE in Sixt Leasing SE, amongst others, is subject to the condition that under the voluntary public takeover bid Hyundai Capital Bank Europe GmbH reaches an acceptance quota of at least 55% of all shares in Sixt Leasing SE including the participation acquired from Sixt SE. In addition, the completion of the sale will be subject to, amongst others, certain merger control and other regulatory clearances. Sixt SE expects the sale to be completed in the second half of 2020.
Erich Sixt, CEO of Sixt SE: “Following the IPO of Sixt Leasing SE in 2015, the current decision to divest our remaining shareholding constitutes a consistent strategic step. I would like to thank with all my heart the management board, the executives and the entire workforce of Sixt Leasing SE for their great contribution to the success of the Sixt Group over the last few years and decades."
Alexander Sixt, CAO of Sixt SE: "The sale means that we are clearly counting on the consistent expansion of our core business and are focusing even more on the growth and innovation-driven further development of our new mobility services, the digitisation of our company and, in particular, international expansion in the USA and Western Europe. Furthermore, through the deconsolidation of the leasing business, the transaction allows us to significantly shorten our balance sheet and to extend our leading position in our peer group with respect to the equity ratio."
Jochen Klöpper, Supervisory Board Chairman of Hyundai Capital Bank Europe GmbH: “We are delighted about the opportunity to cooperate strategically with Sixt Leasing in the future. The know-how and successful business model of the company form a strong platform for growth. By complementing our product portfolio with Sixt Leasing’s innovative mobility services and fleet business at the point of sale and online, Hyundai Capital Bank Europe is able to further strengthen its position in the automotive finance sector.”
Yoono Hwang, President of Hyundai Capital Services Korea and Member of the Supervisory Board of Hyundai Capital Bank Europe GmbH: “We are convinced that this is an excellent opportunity to leverage the innovation potential of Sixt Leasing with regard to future market trends in the automotive sector.”
1 Data Source: Bloomberg as of 18. February 2020
Headquartered in Pullach, near Munich, Germany, SIXT SE is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share and SIXT ride, the company offers a unique, integrated range of mobility services in the areas of car rental, car sharing and ride services. These products can be booked via a single app that also integrates the services of mobility partners. SIXT is present in approximately 110 countries worldwide. The company’s strengths lie in its consistent customer focus, its culture of innovation with a strong technological expertise, its high share of premium cars in the fleet and an attractive price-performance ratio. The SIXT Group generated revenues of EUR 2.93 billion (2018) and is one of the most profitable mobility service providers worldwide. SIXT SE, the Group’s parent company, has been listed on the Frankfurt Stock Exchange since 1986 (WKN common shares: 723132, WKN preferred shares: 723133). http://about.sixt.com
Julia Hoffstaedter / Stefanie Seidlitz
SIXT Central Press Office
Tel.: +49 (0) 89 / 7 44 44 – 6700