Locat S.p.A. signed an agreement for the disposal of the 50% stake held in LocatRent to ALD Automotive (Société Générale Group). Execution of the Transaction - expected within 3rd quarter 2007 - is subject to the approval of Autorità Garante della Concorrenza e del Mercato (Antitrust Authority).
The divestiture of the stake in LocatRent is consistent with UniCredit's aim to manage the Group strategic business portfolio.
Incorporated in year 2000, LocatRent is a 50/50 joint venture between UniCredit and Société Générale and has been established through operating and financial contribution of Locat (UniCredit Group) and ALD Automotive (Société Générale Group), a leading player in the long-term rental business in Europe.
With over 23,000 rental contracts, LocatRent is a company specialized in multi-brand vehicle operational leasing and fleet management. As of 30th June 2007, LocatRent has total assets equal to Euro 351 million, outstanding loans of Euro 277 million and Shareholders Equity equal to Euro 13.4 million.
Following the disposal of LocatRent, Locat and ALD Automotive would enter into a distribution agreement whereby Locat will continue to distribute, on an exclusive basis under the LocatRent brand name, the full service long term car rental and fleet management products developed by LocatRent.
Milan, 2 August 2007
Enquiries:
Media Relations:
+39 02 88622612; e-mail: MediaRelations@unicreditgroup.eu
Investor Relations:
+39 02 88628715; e-mail: InvestorRelations@unicreditgroup.eu
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