Free2move it has signed an agreement to acquire car sharing company Share Now, a joint venture formed by Mercedes-Benz Mobility Group and BMW Group in 2019. This proposed agreement further positions Free2move as the leading global mobility player, adding 14 major European cities and 10,000 vehicles to Free2move’s existing car sharing fleet of 2,500 vehicles.
In the demanding world of mobility, where users seek to optimize every minute, time is precious. Moving a customer is a great responsibility. Free2move has designed an innovative mobility service model that adapts to its customers. This solution, already operational in the United States and Europe, allows a customer to take a car for a few minutes or a few hours. If a customer would like the vehicle longer, they are able to keep the same car without changing the contract − Free2move pricing adjusts automatically.
“Integrating Share Now’s strong position in major European cities will allow our customers to gain greater access to a wider range of services to satisfy their varied mobility needs,” said Brigitte Courtehoux, Free2move CEO. “Equally important, this acquisition will also accelerate our profitable growth. We are now a step closer to achieving our goal of expanding Free2move’s worldwide presence to 15 million active users by 2030.”
Leveraging Free2moves’ financial discipline and ability to manage a profitable business, this acquisition will further enhance its economies of scale and synergies, contributing to its Dare Forward 2030 ambition of growing the profitable mobility service to net revenues of €2.8 billion with a first step of €700 million revenues in 2025.
Free2move recently announced the acquisition of Opel Rent, accelerating its growth strategy in Germany and Austria and pushing the transition from rent to mobility provider. Meanwhile, it has accelerated its car-sharing expansion in the United States, with service now available in Washington, D.C., Portland, Oregon, Denver, Colorado, Columbus, Ohio and Austin, Texas. Free2move also operates car sharing in Europe (Paris and Madrid).
Completion of the acquisition is subject to customary closing conditions, including the satisfaction of antitrust requirements.
