With the threat of a recession steadily rising, one of Europe’s leading automakers has elected to sell off its rental-cars subsidiary to raise cash.
Enterprise Holdings will purchase PSA Peugot Citroen’s Citer SA and its Spanish subsidiary Atesa to for an undisclosed sum.
Through its regional subsidiaries, Enterprise Holdings owns and operates the National Car Rental 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. Meanwhile, with a fleet of approximately 30,000 vehicles, Citer SA has deep coverage through locations in 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, Enterprise officials said.