Clifford Chance is advising Europcar Mobility Group (Paris: EUCAR), Europe’s leading car rental company, on its acquisition of Fox Rent A Car, one of the largest independent players in the U.S. car rental market. The strategic acquisition marks a key milestone for Europcar in its strategy to reach €4 billion in revenue and 15 million active customers by 2023.
Terms of the transaction were not disclosed, but will be financed using a combination of cash and Europcar shares. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of this year. More information can be found here.
Paris-based Europcar is a major player in mobility markets and listed on Euronext Paris. The mission of Europcar is to be the preferred “Mobility Service Company” by offering alternative attractive solutions to vehicle ownership, with a wide range of mobility-related services: vehicle-rental, chauffeur services, car-sharing, scooter-sharing and peer-to-peer car-rental. Europcar delivers its mobility solutions worldwide through an extensive network in 140 countries. More information can be found here.
California-based Fox operates a network of 21 corporate stations and 100+ affiliated stations. It is present in 15 of the country’s top 25 airports and manages a fleet of approximately 18,000 vehicles. Fox will serve as the platform for Europcar's future developments in the United States, the world’s largest car rental and mobility market. More information can be found here.
The cross-border Clifford Chance team advising Europcar is being led out of New York by Corporate partner Benjamin Sibbett and out of Paris by Corporate partner Fabrice Cohen and counsel Alexandre Merle. Corporate associates include Mark Schuber and Isidora Koutsoulias in New York and Clement Delaruelle in Paris.
Additional team members include:
Antitrust
Timothy Cornell (partner, Washington, DC)
Brian Concklin (counsel, Washington, DC)
David Tayar (partner, Paris)
Executive Compensation and Employee Benefits
Howard Adler (partner, New York)
Atul Jain (associate, New York)
Intellectual Property
Daryl Fairbairn (counsel, New York)
Jennifer Saionz (associate, New York)
Real Estate
Victoria Manthas (counsel, New York)
Nick Warman (associate, New York)
Banking & Finance
John McManmon (associate, New York)
Edwin Ramirez (associate, New York)
Insurance
Alice Kane (counsel, New York)
Benjamin Lee (associate, New York)
Tax
David Moldenhauer (partner, New York)
Sean Smestad (associate, New York)