Sixt Signs Agreement to Sell DriveNow to BMW

A purchase price of about $260 million was agreed upon for all shares that Sixt holds in DriveNow. Photo via MB-one/Wikimedia 


 
A purchase price of about $260 million was agreed upon for all shares that Sixt holds in DriveNow. Photo via MB-one/Wikimedia

Sixt has signed an agreement with BMW Group on the sale of its entire stake in the joint venture DriveNow to BMW Group.

Currently, Sixt and BMW Group hold half of the shares in the carsharing service. A purchase price of about $260 million was agreed upon for all shares that Sixt holds in DriveNow.

The completion of the transaction requires the approval of the competent antitrust authorities, which is expected to come by the second quarter of 2018.

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