Announced
Financials
Sources
Tags
Public
car rental service
car rental services
Rental Services: Consumer
China
Friendly
Minority
Acquisition
Single Bidder
Pending
Synopsis
SAIC Motor, a Chinese state-owned automotive design and manufacturing company, agreed to acquire a 28.92% stake in CAR, an auto rental service provider, for $245m. SAIC Motor said it strives to grasp the industrial development trend to speed up the innovative transition from being a traditional manufacturer to being a comprehensive supplier of mobility services and products. As a domestic car rental service provider, CAR boasts mature operation and management experience in a relevant area. Completing the acquisition would help SAIC Motor accelerate its development of mobility service business.
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