No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - French-Italian car company Stellantis said on Tuesday that it has agreed to sell its Free2move car-sharing business to German investment firm Mutares for an undisclosed sum.
Stellantis - which was formed in 2021 through the merger of Fiat Chrysler Automobiles and the PSA Group - said the deal aligns with the strategy set out in its FaSTLAne 2030 plan.
"By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance," said Virgilio Cerutti, head of business development & partnerships at Stellantis. "We are committed to working closely with all stakeholders to support a smooth transition process for customers, partners, and employees."
Mutares chief investment officer Johannes Laumann said: "Free2move's car-sharing business combines a strong, internationally recognised brand with clear potential for operational improvement following an intended carve-out from Stellantis.
"Together with the management team, we look forward to strengthening Free2move's operating model and further developing the company into an independent leading platform in the mobility sector."
The deal is expected to close by the end of this year.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.