Daimler takes full control of Car2Go Europe
Daimler Mobility Services has acquired the remaining shares in Car2Go Europe after Europcar sold its 25% stake for €70m.
Car2Go Europe was founded in 2012 as a joint venture by the two firms, owned 75% by Daimler and 25% by Europcar. Since then, it has expanded into North America and China, and has more than 3 million users worldwide.
Daimler Mobility Services has acquired the shares as it ramps up its investments in mobility services to create a “holistic mobility system with a broad portfolio”. The brand also runs the Moovel mobility platform and the Mytax taxi hailing app and holds minority stakes in Blacklane, Careem, Flixbus, Turo and Via.
Europcar said the funding would contribute to plans to significantly expand its exposure to new mobility segments – such as car sharing, ride hailing, multi-modal platforms and car pooling. As announced at its recent investor day, the group expects to spend between €150-250m over 2018-2020 in New Mobility capex and M&A (including strategic partnerships).
Highlighting how the Car2Go Europe JV had brought valuable knowledge in car sharing Caroline Parot, Europcar Group’s CEO, said: “Our aim is to address better new customer needs and continue to leverage the Group’s key assets, namely its fleet management capabilities and its diversified customer reach, to position the Group successfully in the Mobility ecosystem in order to capture its double-digit growth prospects by 2025.”
The deal is expected to close before the end of the second quarter of 2018 following approval by the relevant authorities.