Binding agreement for the acquisition of 85.60% (including 4.4% own shares, total 90%) of the share capital of the Portuguese company HR Aluguer de Automóveis SA (HR Automóveis), which is the franchisee of Hertz International in Portugal , for a price of €31,500,000, was signed by AUTOHELLAS (01.08.2022).
As long as certain profitability targets of HR Automóveis are achieved per year between 2022-2024, it is possible that the price will increase by €7,500,000 reaching up to €39,000,000, as reported by AUTOHELLAS in a related announcement.
The transaction is subject to the receipt of the necessary approvals and is estimated to be completed within 30-60 days.
The aim of the transaction is the further growth of the Autohellas Group, but also the creation of significant synergies in joint investments in technology, in increasing the purchasing power of cars, but also in the further development of commercial access to the tourist product of Southern Europe. At the same time, this expansion gives the possibility of more prospects for development and development of the executives of both organizations.
Established in Greece for more than 50 years and listed since 1999, the Autohellas Group is Greece’s largest automotive service provider, in terms of turnover and employment, with its activities covering short-term rentals, long-term operating leases and fleet management, import/trading and retail distribution of automobiles. At the same time, it has significant experience in car rentals outside of Greece, having acquired the exclusive rights to the Hertz brand in Bulgaria, Romania, Serbia, Montenegro, Cyprus, Ukraine and Croatia. With the approval of the transaction, HR Automóveis will be the largest subsidiary of the Autohellas Group abroad
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
