BMW AG’s acquisition of Sixt SE stakes in DriveNow

BMW AG has acquired all DriveNow stakes of Sixt SE for 209 million euros and so the carsharing service becomes a wholly-owned BMW subsidiary.

The BMW Group and Daimler AG are joining their carsharing activities and have agreed to merge their mobility services business units.

DriveNow was founded in 2011 as a car-sharing joint venture between the BMW Group and Sixt SE. The service has about one million customers in 13 European cities. The fleet comprises more than 6,000 BMW and MINI vehicles and the electric BMW i3 is also available to users at all DriveNow locations.

Milbank, Tweed, Hadley & McCloy LLP has advised Sixt SE on the sale with a team led by Norbert Rieger (Corporate/M&A, Munich, in picture), assisted by Alexander Rinne (Competition, Munich), Matthias Schell (Tax, Munich), Martin Erhardt, Christoph Rothenfusser, Michael Pujol (all Munich), Andrea Eggenstein, (Frankfurt, all Corporate/M&A), Vanessa van Weelden (Competition, Munich), Malte Krohn, Sebastian Reiner-Pechtl (both Corporate/M&A, Munich) and Chiara Balbinot (Tax, Munich).

Involved fees earner: Norbert Rieger – Milbank; Martin Erhardt – Milbank; Christoph Rothenfusser – Milbank; Michael Pujol – Milbank; Andrea Eggenstein – Milbank; Malte Krohn – Milbank; Sebastian Reiner – Milbank; Alexander Rinne – Milbank; Vanessa van Weelden – Milbank; Matthias Schell – Milbank; Chiara Balbinot – Milbank;

Law Firms: Milbank;

Clients: Sixt SE;