SIXT AG and the BMW Group are planning to launch an innovative car sharing program under the brand name “DriveNow”. The car sharing program will be first launched in the city of Munich and, thereafter, in Berlin. In the coming years, the program shall be expanded into other European cities. The long-term plan is to introduce “DriveNow” also in other territories.

SIXT and BMW intend to bundle their car sharing activities in a joint venture company, in which each party will hold a 50 % participation. The completion of the joint venture is subject to approval by the competent anti-trust authorities which is expected by April 2011.

SIXT AG is an international provider of high-quality mobility services based in Pullach near Munich. Together with licensees and partners the company, which was founded in 1912, is represented in more than 105 different countries. SIXT is the car-hire market leader in Germany and Austria and one of the largest manufacturer-independent providers of full-service leasing. SIXT was advised on the transaction by partners Martin Erhardt and Norbert Rieger (both corporate law/M&A, Munich) as well as associates Sebastian Olk (corporate law/M&A, Munich) and Matthias Schell (tax law, Munich).