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Case Study

Eurazeo’s acquisition of europcar

By Arturo Bris and Inna Francis

19 pages

March 2008

Reference: IMD-1-0272

Eurazeo’s investment director Philippe Renauld sprung into action when he heard the rumor that Volkswagen AG planned to dispose of its Paris-based car rental business, Europcar. By the time the rumor was confirmed, seven contenders were preparing to bid for Europcar. Philippe’s team started working around the clock to prepare their investment proposal for the largest leverage buyout transaction they had ever executed. The deal was important to Eurazeo because of its size and complexity and the high visibility of the acquisition target. Meanwhile VW concurrently pursued two distinct options to dispose of its stake in Europcar – an initial public offering (IPO) or a negotiated sale in M&A process.

Learning Objective

Participants learn how the full advantages of a dual track approach are derived from the interplay of the specific characteristics of a full-fledged IPO process and a well-structured M&A process.

Keywords

Acquisition, Private Equity, Car Rental

Settings

France
Europcar
2005

Type

Field Research

Available Languages

English

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