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 US 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.
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.
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.
The cross-border Clifford Chance team advising Europcar is being led out of New York by Corporate partner Benjamin Sibbett (Picture) 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: Timothy Cornell (partner, Washington, DC), Brian Concklin (counsel, Washington, DC), David Tayar (partner, Paris), Howard Adler (partner, New York), Atul Jain (associate, New York), Daryl Fairbairn (counsel, New York), Jennifer Saionz (associate, New York), Victoria Manthas (counsel, New York), Nick Warman (associate, New York), John McManmon (associate, New York), Edwin Ramirez (associate, New York), Alice Kane (counsel, New York), Benjamin Lee (associate, New York), David Moldenhauer (partner, New York), Sean Smestad (associate, New York).
Involved fees earner: Howard Adler – Clifford Chance; Fabrice Cohen – Clifford Chance; Brian Concklin – Clifford Chance; Timothy Cornell – Clifford Chance; Clément Delaruelle – Clifford Chance; Daryl Fairbairn – Clifford Chance; Atul Jain – Clifford Chance; Alice Kane – Clifford Chance; Isidora Koutsoulias – Clifford Chance; Benjamin Lee – Clifford Chance; Victoria Manthas – Clifford Chance; John McManmon – Clifford Chance; Alexandre Merle – Clifford Chance; David Moldenhauer – Clifford Chance; Edwin Ramirez-Homs – Clifford Chance; Jennifer Saionz – Clifford Chance; Mark Schuber – Clifford Chance; Benjamin Sibbett – Clifford Chance; Sean Smestad – Clifford Chance; David Tayar – Clifford Chance; Nick Warman – Clifford Chance;
Law Firms: Clifford Chance;
Clients: Europcar Mobility Group;