Source: Accor
December 1, 1999
Paris, France Accor has announced the sale of its 50% interest in Europcar International, until now held jointly
and equally by Accor and Volkswagen. Europcar will thereby become a wholly owned Volkswagen subsidiary.
Accor has held its 50% stake in Europcar since the 1991 acquisition of Compagnie Internationale des Wagons-Lits
et du Tourisme. Reflecting the healthy cooperation between Accor and Volkswagen, in particular, in the past several
years Europcar International has been able to return to profitability, optimize its management and gain market
shares in all key European countries.
Europcar International, as part of the leading European auto-maker, will fully benefit from Volkswagen’s manufacturing
synergies and from the support of its broad distribution network.
Within the framework of this transaction, Accor has established a long-term partnership agreement with Europcar
International. Pursuant to this agreement, the reciprocal synergies developed over the past two years will be maintained
and expanded, so as to continue providing an extensive offering and innovative services to the travelling public.
This partnership is aimed at promoting Europcar International’s services within the "Accor Galaxy" of
Group hotels, travel agencies and tour-operators, as well as through Accor loyalty programs in France and internationally.
Marketing synergies with Accor Corporate Services are also planned.
This new allocation of responsibilities between the Volkswagen and Accor groups will enable Europcar International
to become the leading car rental company in Europe, while rapidly expanding its network in the rest of the world.
These agreements are subject to approval by the Supervisory Board of Accor and Board of Directors of Europcar International,
at meetings to be held in Paris on December 15, 1999.
Europcar International in 1999: revenues of €1 billion, fleet of 138,000 vehicles, network of 2,400 outlets in
80 countries, and over 7,000 employees.