January 29, 2018 / 11:29 AM / 3 months ago

Sixt to sell its DriveNow stake to BMW

Jan 29 (Reuters) - German car rental company Sixt said it had agreed to sell its stake in car-sharing service DriveNow to joint venture partner BMW Group for 209 million euros ($259.1 million).

Sixt and BMW currently each own 50 percent in DriveNow, Sixt said on Monday.

The company also said it would generate an extraordinary pre-tax profit of about 200 million euros in 2018 due to the transaction.

BMW and fellow German carmaker Daimler are close to agreeing to combine their car-sharing services Car2Go and DriveNow, a senior executive at one of the carmakers told Reuters last week. ($1 = 0.8066 euros) (Reporting by Sylwia Lasek; Editing by Maria Sheahan)

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