Volkswagen has agreed to launch a recommended takeover offer for Europcar Mobility Group, alongside London-based asset manager Attestor Limited and Dutch mobility provider Pon Holdings B.V. Europcar is the leading mobility service and rental car company in Europe with over 3,500 stations across 140+ countries and a fleet of over 350,000 vehicles in 2019, serving over 5 million customers per year.
The consortium’s takeover is part of its NEW AUTO strategy to become a leading provider of individual mobility in the electric and fully connected age.
The consortium aims to effect a successful transformation of Europcar and deliver new and innovative mobility solutions to meet growing customer demand for services complementing car ownership.
Though Volkswagen will have a majority shareholding in the joint holding company, Green Mobility Holding S.A. VW will neither control the consortium nor Europcar.
Volkswagen Group CEO, Herbert Diess, says: “The mobility market is changing rapidly as customers increasingly demand new and innovative on-demand mobility solutions, such as subscription and sharing models to complement car ownership. That is why we made building a leading mobility platform a key priority of our recently announced NEW AUTO strategy through 2030. Europcar provides advanced fleet management capabilities as well as a broad network of stations at major airports, railway stations and city locations and will help accelerate Volkswagen’s delivery of its ambitious mobility services targets.”
He adds: “Together with our consortium partners Attestor and Pon, we will support the development and transformation of Europcar’s business and selectively add further services from Volkswagen Group brands.”
Janus Smalbraak, CEO of Pon Holdings, adds: “Since our transformation to an international mobility group, we have experienced the power of multi-offering of mobility to customers, whether it entails cars, bikes, scooters or other mobility services. We strongly believe in the potential of operating one integrated platform, in which flexible mobility services will be a key element. We are pleased to be part of the consortium, being able to contribute to the creation of this new Volkswagen mobility platform, with Europcar as a strong basis. This new step further strengthens the long and close relationship between Volkswagen and Pon.”
The transaction is expected to be completed in the course of the fourth quarter 2021 or first quarter 2022.