Industry Alert: BMW Buys Out Partner in DriveNow Car-Share

BMW Buys Out of Dri­veNow Car-Share Ser­vice & Brings Togeth­er Sixt and Cars2Go

BMW AG has agreed to take full con­trol of its Dri­veNow car-share ser­vice by buy­ing out part­ner Sixt AG, the Euro­pean rental car com­pa­ny.

Sixt says it will post a spe­cial pre­tax prof­it of about €200 mil­lion ($247 mil­lion) on the €209 mil­lion sale of its Dri­veNow stake.

The two com­pa­nies launched Dri­veNow in 2011. The buy­out will enable the pay-per-use ser­vice to merge with Daim­ler AG’s larg­er Car2Go car-shar­ing busi­ness. Reports last week indi­cat­ed a deal is immi­nent.

Observers have been spec­u­lat­ing for more than a year about the merg­er, which would help the two ser­vices com­pete with such rivals as Lyft and Uber. A source tells Reuters that com­bin­ing Dri­veNow and Car2Go will cre­ate a plat­form that could be used to man­age fleets of self-dri­ving taxis.

Link for more detail:

Con­tent Sourced from AMP Advanced Mobil­i­ty Project Release, Jan­u­ary, 2018



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