Cleary Gottlieb is advising Attestor in its acquisition of Europcar Mobility Group (Europcar).
The acquisition will take the form of a recommended takeover offer, to be launched by Attestor through a consortium formed with Volkswagen AG, one of the world’s leading automakers and a leader in the transition to the zero emissions future of mobility, and Pon Holdings B.V., a Dutch-leading international company and mobility group.
The offer price is €0.50 per share, which may be increased to €0.51 per share if more than 90% of the share capital and voting rights are tendered to the takeover offer.
The transaction values Europcar at €2.9 billion (enterprise value).
The takeover offer will be subject to a minimum acceptance threshold of 67%; the consortium has already received irrevocable tender undertakings from existing Europcar shareholders representing 68% of the outstanding shares (including Attestor who owns 12.8% of Europcar).
The transaction is subject to approval by the French Stock Market Authority (AMF) and relevant antitrust authorities. The transaction is expected to be filed with the AMF by the end of Q3 2021 and is expected to be completed in the course of Q4 2021 or Q1 2022.
Attestor is a London-based, owner-operated asset management company with a long-term horizon and specialized in investments in turnaround situations.