Mercedes-Benz Car Rental DENVER to Sell Its Land Rover and Buick business to private equity firm: Bloomberg
CARACAS, Venezuela — Mercedes-Buccaneers Mercedes- Benz Cars North America Inc. (MMBNA.DL) and its leasehold affiliate Rancheros Energia SA (RENAG.PA) announced on Monday that they have completed the sale of their Land Rover fleet business to an unnamed private equity group.
The transaction will close by the end of the second quarter, the companies said.
MMBNA said the sale is subject to regulatory approvals.
The deal includes the leasing of approximately 2,500 Land Rovers in the United States and Canada for leasing for Mercedes-branded vehicles.
“As a company we have long strived to develop and deliver high quality, fuel-efficient vehicles to our customers in the U.S. and Canada,” said Mercedes- B.R.A. chief executive officer Daniela Carrera in a statement.
“This sale will deliver our full-service Land Rover brand to a new and trusted partner who shares our vision of providing the best possible value for our customers.”
The Land Rover business has been a focus of the company’s efforts to develop a new luxury brand for North America.
The company had been working on that concept for several years, with its first Land Rover concept in the late 1980s.
While Mercedes-BMW was not involved in the Land Rover sale, it will be responsible for a large share of the brand.
According to Mercedes-bmw, Mercedes-Eckhardt Automobiles, a unit of the German automaker, has also secured a majority stake in the business.