Enterprise Holdings and PSA Peugeot Citroën announced today that they have entered into an agreement whereby Enterprise will acquire PSA Peugeot Citroën’s car rental subsidiary, Citer SA and its Spanish subsidiary Atesa.
Through its regional subsidiaries, Enterprise Holdings owns and operates the National Car Rental and Alamo Rent A Car brands, as well as its flagship Enterprise Rent-A-Car brand in North America. The company also operates the Enterprise Rent-A-Car brand in the UK, Germany and Ireland, and a licensee network that operates the National and Alamo brands throughout the Americas.
With a fleet of approximately 30,000 vehicles, Citer SA has deep coverage through locations in the main cities, railway stations and airports in France and Spain, two key European markets in which Citer ranks among the leading vehicle rental companies. PSA Peugeot Citroën emphasized the strategic opportunity that the transaction represents for Citer, which will be able to step up its development while benefiting from Enterprise Holdings’ leadership.
The transaction has received a positive opinion of the Works councils of PSA Peugeot Citroën and Citer SA. It is subject to regulatory approval and certain other customary closing conditions. The transaction should be completed by the end of 2011.
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