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BMW Buys Out Partner in DriveNow Car-Share Service
BMW AG has agreed to take full control of its DriveNow car-share service by buying out partner Sixt AG, the European rental car company.
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BMW AG has agreed to take full control of its DriveNow car-share service by buying out partner Sixt AG, the European rental car company.
Sixt says it will post a special pretax profit of about €200 million ($247 million) on the €209 million sale of its DriveNow stake.
The two companies launched DriveNow in 2011. The buyout will enable the pay-per-use service to merge with Daimler AG’s larger Car2Go car-sharing business. Reports last week indicated a deal is imminent.
Observers have been speculating for more than a year about the merger, which would help the two services compete with such rivals as Lyft and Uber. A source tells Reuters that combining DriveNow and Car2Go will create a platform that could be used to manage fleets of self-driving taxis.
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