Volkswagen is getting out of the rental car business. In a move that reminds of Ford's divestiture of Hertz last year, VW AG is selling its Europcar agency to French investment concern Eurazeo in exchange for 3.32 billion euros (about $4 billion USD). The deal includes a good amount of debt, but does value Europe's largest hire car firm at 1.26 billion euros-- most analysts had pegged its worth at around $1 billion USD.

[Source: Reuters]


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