6/19/2017, 9:45 AM (Source: TeleTrader)
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Europcar set to buy low-cost rental firm Goldcar

Europcar Group from France revealed on Monday that it has agreed to buy Europe’s largest low-cost car rental company Goldcar Spain SLU from asset management firm Investindustrial.

The acquisition, based on corporate enterprise value of €550 million, is expected to generate €30 million in annual cost synergies by 2020, the press release said. The bridge-financing deal, signed with a large and international banking syndicate backing, should close in the second half of the year, pending regulatory approval.

Goldcar, headquartered in San Juan de Alicante, generated revenue of €240 million in 2016. Europcar said the strategic deal will improve revenue growth prospects of its low-cost businesses.

Baha Breaking the News (BBN) / KP