Get Autoblog in your Google feed
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]