Sixt is taking over 10 U.S. airport car rental branches in the U.S. from Advantage Rent a Car, which declared bankruptcy on May 26. The transaction was approved July 1 by the Bankruptcy Court in Delaware.
Sixt will take over the airport concessions at Boston (BOS), New York (JFK and LGA), New Jersey (EWR) and Houston Texas (IAH). Sixt also acquired in-terminal desks in Orlando (MCO), Denver (DEN), Maui (OGG), Honolulu (HNL) and Las Vegas (LAS).
The takeover will begin most likely in mid-July, according to Sixt.
Sixt estimates the volume of the 10 airports in total to be about $3.4 billion, or roughly the total car rental business in Germany.
“The current circumstances caused by the coronavirus crisis and the insolvency of the car rental company Advantage offered Sixt a unique opportunity to acquire the 10 highly coveted airport concessions at an attractive price,” Sixt said in a statement.
Said Alexander Sixt, member of the Managing Board of Sixt SE: “With this highly pragmatic transaction, we have taken a very decisive strategic step towards building a nationwide network in the world’s largest car rental market. The acquisition of the concessions for all New York airports as well as for Boston, Orlando and Las Vegas, among others, lays the foundation for substantial growth after the crisis.”