Green Mobility Holding, a bidder consortium led by Volkswagen Group, has acquired 87.38% shares in French car rental group Europcar.

The consortium, which includes Attestor Limited and Pon Holdings, aims to acquire over 90% of the share capital and voting rights of the French firm.

If the threshold of 90% of the share capital and voting rights of Europcar is reached, the offer price will increase from €0.5 per share to €0.51 per share, Volkswagen said in a statement.

Europcar’s minority shareholders have until 29 June 2022 to tender their shares.

Europcar, which is listed in Euronext Paris, offers a wide range of car and van rental services via a network in over 140 countries and wholly-owned subsidiaries in Europe, the US, Australia and New Zealand.

It operates four major brands including Europcar, Goldcar, InterRent, and Ubeeqo.

Europcar offers car rental and light commercial vehicle rental services, Goldcar provides low-cost car-rental in Europe, InterRent is a ‘mid-tier’ car rental brand and Ubeeqo operates in the round-trip car-sharing segment.

Volkswagen Financial Services CEO and project lead for the Europcar transaction Christian Dahlheim said: “The planned transformation of Europcar into a tech business that should become the cornerstone of Volkswagen’s future mobility platform will require significant investments over the next couple of years.”

Earlier this year, Volkswagen Financial Services joined forces with Icare, a subsidiary of French banking major BNP Paribas.