Munich, 22nd March 2011 – SIXT AG and the BMW Group are planning to launch an innovative car sharing program under the brand name “DriveNow”. The car sharing program will be first launched in the city of Munich and, thereafter, in Berlin. In the coming years, the program shall be expanded into other European cities. The long-term plan is to introduce “DriveNow” also in other territories.
SIXT and BMW intend to bundle their car sharing activities in a joint venture company, in which each party will hold a 50 % participation. The completion of the joint venture is subject to approval by the competent anti-trust authorities which is expected by April 2011.
SIXT AG is an international provider of high-quality mobility services based in Pullach near Munich. Together with licensees and partners the company, which was founded in 1912, is represented in more than 105 different countries. SIXT is the car-hire market leader in Germany and Austria and one of the largest manufacturer-independent providers of full-service leasing. SIXT was advised on the transaction by partners Martin Erhardt and Norbert Rieger (both corporate law/M&A, Munich) as well as associates Sebastian Olk (corporate law/M&A, Munich) and Matthias Schell (tax law, Munich).
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm founded in 1866 in New York City. Today Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, New York, São Paulo, Singapore, Tokyo and Washington DC and is present in all major financial and economic centers of the world. Milbank’s main focus regarding its worldwide legal services are the areas of finance, transactions and litigation.
The first European office was opened in 1979 in London, followed by Frankfurt in 2001 and Munich in 2004. Due to the close cooperation of the German offices with the finance, corporate, cartel, and tax lawyers practicing in the other Milbank offices, in particular London and New York, Milbank Germany is in a position to provide fully integrated legal advice on the highest level in all these core areas pursuant to German, English and US law.
Contact
Elisabeth Raicher
Milbank Germany
T: +49-89-25559-3608
eraicher@milbank.com