Hyundai Capital Signs Agreement to Acquire Stake in German Lease Company... Expanding European Market Reach

Secured 8,644,638 shares (41.9%) of SixT
Acquisition price set at 18 euros per share

[Asia Economy Reporter Ki Ha-young] Hyundai Capital's German financial subsidiary Hyundai Capital Bank Europe (HCBE) announced on the 23rd that it has signed a share acquisition agreement for Sixt SE and Sixt Leasing SE.

Through the strategic share purchase agreement, HCBE will secure 41.9% (8,644,638 shares) of the shares held by Sixt, becoming the largest shareholder of Sixt Leasing. The acquisition price was set at 18 euros per share. Following the signing of this agreement, HCBE will initiate a public tender offer procedure for the remaining common shares traded on the Frankfurt Stock Exchange in Germany.

Upon completion of this acquisition, HCBE will acquire Sixt Leasing's online customer-facing lease sales channels and used car utilization platforms. By leveraging Sixt Leasing's expertise in vehicle management services such as maintenance, insurance, and penalty handling, the company explained that it will establish a foundation capable of responding to future changes in the mobility market.

With this acquisition, Hyundai Motor Group will be able to concretize its new mobility strategy by utilizing the capabilities previously held by Sixt Leasing. It is expected to expand its mobility business targeting the pan-European market, including countries where Sixt Leasing has already entered such as Germany, Switzerland, and Austria.

Hwang Yuno, President of Hyundai Capital, said, "This acquisition strengthens Hyundai Capital Bank Europe's mobility platform business and lease product portfolio, and solidifies our position in the European auto finance market."

HCBE is Hyundai Motor Group's exclusive auto finance company established in Frankfurt, Germany in 2017. Since March 2019, it has been operating as a joint finance company through a strategic partnership with Santander Consumer Finance.

Sixt Leasing is a major leasing company in Europe headquartered in Pullach near Munich, Germany. It is a leading company in the digital and mobility consulting sector, currently handling 34% of its new business online.