Latham & Watkins advises Anchorage as main shareholder on contemplated tender offer on Europcar

A consortium led by Volkswagen AG, alongside with Attestor Limited and Pon Holdings B.V. (the Consortium) and Europcar Mobility Group (Europcar) have entered on July 28, 2021 into a tender offer support agreement for the acquisition of Europcar by the Consortium, through a dedicated company called Green Mobility Holding. The operation, that will value the group’s equity capital at more than 2.5 billion euros, will be operated by way of a cash tender offer at €0.50 per share.

All of the funds that have been shareholders of Europcar since the restructuring in February (Anchorage, Attestor, Marathon, Diameter, Centerbridge, Carval and Monarch), i.e. approximately 68% of the capital, have signed commitments to tender their shares to the offer, with Attestor also reinvesting additional cash alongside Volkswagen and Pon in Green Mobility Holding that will be held at 66% by Volkswagen.

Europcar is a major player in mobility markets listed on Euronext Paris delivering its mobility solutions worldwide through an extensive network in over 140 countries

The transaction will be subject to clearance from the competent antitrust authorities. The tender offer would be filed with the AMF by the end of the third quarter 2021, and is expected to be completed in the course of the fourth quarter 2021 or first quarter 2022. 

Latham & Watkins is advising Anchorage as the main shareholder and member of the board of directors of Europcar, with a team in Paris led by partners Thomas Margenet-Baudry and Alexandra Bigot.