Latest News
HomeRegional NewsEuropeAutohellas grows its international portfolio with acquisition of HR Automoveis, the Hertz Franchisee Partner in Portugal
Car rentals

Autohellas grows its international portfolio with acquisition of HR Automoveis, the Hertz Franchisee Partner in Portugal

Upon approval, HR Automóveis will become the largest subsidiary of Autohellas Group abroad.

Autohellas has (August 1, 2022) entered into a binding agreement for the acquisition of 85.60% (plus 4.4% Treasury Shares, totalling 90%) of the share capital of Portuguese company HR Aluguer de Automóveis S.A. (HR Automóveis), the franchisee partner of Hertz International in Portugal, at a consideration of 31,500,000 euros. Assuming certain annual HR Automóveis profitability targets are reached between 2022-2024, it is possible that the valuation will be increased by up to 7,500,000 million euros, meaning the total consideration could eventually reach 39,000,000 euros.

The transaction remains subject to receiving the necessary approvals. Closing is estimated to occur within the next 30 to 60 days.

Autohellas Group intends to leverage this transaction to accelerate its growth but equally to develop significant synergies through possible joint investments in technology, to increase its buying power for vehicles and to evolve its commercial access to the leisure sector of Southern Europe. The acquisition also has the potential to create significant additional career development opportunities for the people in both organizations.

Established in Greece more than 50 years ago and listed since 1999, Autohellas Group is the largest integrated automotive services in Greece in terms of turnover and employment with activity spanning, short term car rental, operating leasing and fleet management, vehicle import/wholesale distribution and vehicle Retail. It also has significant experience operating car rental businesses beyond Greece, having previously obtained the franchisee rights for Hertz in Bulgaria, Romania, Serbia, Montenegro, Cyprus, Ukraine, and Croatia. Upon approval, HR Automóveis will become the largest subsidiary of Autohellas Group abroad.

News Editor - TravelDailyNews Media Network | + Posts

Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.

She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

19/03/2024
18/03/2024
15/03/2024
14/03/2024
13/03/2024
12/03/2024