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VW Buying Europcar for $3 Billion to Boost Mobility Services (1)

July 28, 2021, 6:33 PM

Volkswagen AG reached a deal to buy back Europcar Mobility Group for 2.51 billion euros ($3 billion) to expand its offering of mobility services.

A consortium led by VW agreed to pay 50 euro cents a share, Europcar said Wednesday. Bloomberg News first reported Tuesday that the world’s second-largest automaker was gaining support from the car rental firm’s hedge fund backers with a sweetened offer.

VW CEO Herbert Diess sees major profit potential in mobility offerings and is trying to remake the manufacturer into a company increasingly defined by software and services. During the company’s annual meeting last week, he ...

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