BMW Group and Daimler Mobility AG have agreed to sell their joint venture PARK NOW Group to EasyPark Group, subject to prior approval by the relevant authorities.
PARK NOW is the parking operation of the carmakers’ YOUR NOW Joint Ventures along with services for car sharing (SHARE NOW), ride hailing and trip planning (FREE NOW/REACH NOW), as well as charging (CHARGE NOW) in Europe, and North and South America. EasyPark, a strong and highly experienced international player that this year celebrates its 20-years anniversary, intends to acquire PARK NOW in order to further expand its business activities according to their global growth plan.
Under the umbrella of PARK NOW Group, both owners of the YOUR NOW Joint Ventures have developed a global provider of digital parking services in recent years. PARK NOW operates under the brands RingGo, PARK NOW, Park-line and Parkmobile in 11 countries. PARK NOW Group offers a broad portfolio of digital services related to parking − both in car parks and on-street in more than 1,100 cities. Customers can reserve, book and pay for parking spaces online in advance via the app.
EasyPark is a fast-growing, European mobility company that helps drivers remotely find, manage, and pay for both parking and electric vehicle charging. With its cutting-edge technology, EasyPark supports its users, the companies they work for, cities and parking operators with parking administration, planning and management working seamlessly in over 2,200 cities across 20 countries throughout Europe and Australia. The company was recognized by Deloitte as one of the “Best Managed Companies” in 2019 and 2020.
The intended acquisition of PARK NOW Group enables EasyPark to grow further and become a global pacesetter in parking-related digital mobility services. The two companies are perfectly positioned for market coverage in the US and Europe. Both service providers are deeply committed to customer satisfaction, and share a corporate culture based on technological enthusiasm and a relentless pursuit of improvement. They are driven by a passion for smart mobility and cleaner, more liveable cities. With its global coverage and scale as well as an integrated portfolio, EasyPark intends to fund additional growth and expansion and will offer even better, integrated services to their customers in the future.
“We welcome EasyPark’s acquisition of our joint parking services business. This is a substantial step in the ongoing evolution of these digital services and will create a sustainable momentum to the benefit of customers and of further innovation,” says Rainer Feurer, Vice President of Corporate Investments at BMW Group.
“With PARK NOW, we have built up a significant player in the digital services market. PARK NOW and EasyPark are a perfect match that will provide attractive offers for customers worldwide,” says Stephan Unger, Member of the Board of Management of Daimler Mobility for Finance, Controlling, Risk Management and Digital Mobility Solutions.
“We are pleased to welcome PARK NOW, its customers and the whole team to the EasyPark Group. This enables us to add value and simplify mobility in day-to-day life for more cities, parking operators and our joint users. The acquisition is strategically important in order to accelerate our long-term growth innovative capabilities,” says Johan Birgersson, CEO of EasyPark Group.
The parties have agreed not to disclose the terms of the transaction. The deal is subject to prior approvals by the relevant antitrust authorities.
