Hyundai Capital Services Inc., an auto financing unit under South Korean auto giant Hyundai Motor Group, has acquired Germany’s car rental company Sixt Leasing SE, as part of the group-wide focus on transition to future mobility provider.

Hyundai Capital Bank Europe, a joint-venture between Hyundai Capital Services and Santander Consumer Bank, on Friday signed a contract to buy a 41.9 percent stake in Sixt Leasing SE for an estimated 155.6 million euros ($168.6 million), or 18 euros per share from Sixt SE, industry sources said Sunday.

They also agreed to launch a separate tender offer for a minimum 13.1 percent of Sixt Leasing SE’s outstanding shares at the same price of 18 euros per share next month to raise its holdings to minimum 55 percent.

Of the total 265.2 billion won ($217.8 million), 49 percent will be invested by Hyundai Capital Services, and the remaining 55 percent by Santander Consumer Bank.

[Photo via Sixt]

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Sixt Leasing SE, an auto leasing company under Sixt SE, offers private, corporate, fleet and international leasing, fleet management and individual fleet solutions in Europe. The company delivered 838.9 billion won in revenue as of the quarter ended September last year, with 1.78 trillion won in assets. It runs a fleet of 150,000 rental cars for individual and corporate leasing.

With the acquisition, Hyundai Capital Services hopes to expand its car rental service in Europe and spur the parent group’s future mobility plan to become a smart mobility solution provider. Hyundai Motor Group earlier announced a 61 trillion won spending plan for future mobility technologies for the next five years.

The automotive industry expects the mobility market on the back of growth of the shared economy and development of self-driving technology to grow to 407 trillion won worth in the next five years.

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