Volkswagen 'to get EU approval for €2.9bn Europcar purchase'

Europcar would help Volkswagen to increase its presence in lucrative mobility services.
Volkswagen 'to get EU approval for €2.9bn Europcar purchase'

Volkswagen declined to comment on the matter.

A group led by Europe's largest carmaker Volkswagen is set to win unconditional EU competition approval for its €2.9bn bid for rental company Europcar, according to sources.

Volkswagen teamed up with asset manager Attestor and Dutch mobility group Pon last year to launch the bid for French-listed Europcar, placing a bet on fast-growing mobility services. 

With an international network in more than 140 countries and a fleet of over 350,000 vehicles, Europcar would help Volkswagen to increase its presence in lucrative mobility services. 

Carmakers are looking to car data as the next big revenue stream.

Volkswagen's so-called 2030 strategy, which it announced last year, anticipates that software and services will spur growth in the global automotive market.

It estimates the market will more than double in value to €5 trillion by the end of the decade.

The European Commission, which is scheduled to decide on the deal by May 25, declined to comment.

Volkswagen also declined to comment on the matter. 

Chief executive Herbert Diess last week told shareholders that he expected EU approval by the end of the second quarter.

Reuters

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