EXCLUSIVE-Eurazeo hires JPMorgan to exit car rental group Europcar - sources

Credit: REUTERS/HENRY NICHOLLS

European investment firm Eurazeo is exploring a partial or full sale of its 29.8% stake in Europcar Mobility Group as it seeks to cash out from the troubled French car rental company, sources told Reuters.

By Gwénaëlle Barzic, Pamela Barbaglia and Arno Schuetze

PARIS/LONDON/FRANKFURT, Nov 14 (Reuters) - European investment firm Eurazeo EURA.PA is exploring a partial or full sale of its 29.8% stake in Europcar Mobility Group EUCAR.PA as it seeks to cash out from the troubled French car rental company, sources told Reuters.

Europcar's shares have sunk 65% over the past 12 months as the firm grappled with weak leisure demand from British tourists, declining rental volumes in the business-to-business segment and a softening econonomic environment in Europe.

Eurazeo has tapped JPMorgan to handle the sale, which was triggered by a series of approaches made by financial investors in recent weeks, the sources said.

Discussions are still at an early stage and Eurazeo may decide to keep at least part of its stake, they said.

Eurazeo and Europcar both declined to comment.

(Editing by Jan Harvey)

((pamela.barbaglia@thomsonreuters.com; +442075427723; Reuters Messaging: pamela.barbaglia.thomsonreuters.com@reuters.net))

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