Case Study

Eurazeo’s acquisition of europcar

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.

Acquisition, Private Equity, Car Rental
Field Research
© 2008
Available Languages
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