Baker McKenzie has assisted the private equity fund Cathay Capital and Nokia Growth Partners with the sale of Drivy to its American competitor Getaround, which is financed by SoftBank. This transaction, which is funded by a combination of cash and equity, values the company at around $300M and includes the attribution of Getaround shares.
Founded in 2010, Drivy has become the leading French peer to peer car rental service, using a system comparable to AirBnB, with around 2.5 million users.
Getaround, which was created in 2009, is the pioneer of the peer to peer car rental services sector. In September 2018, the giant SoftBank invested around $300M in Getaround to make it a global consolidator of this market and the acquisition of Drivy is part of this consolidation and development process.
Thanks to this operation, Getaround will have 5 million users in 170 cities both sides of the Atlantic as well as 400 employees, which will make it the largest car sharing platform in the world.
The Baker McKenzie team was led by Matthieu Grollemund, Hélène Parent and Gautier Valdiguié.
Drivy and the managers were advised by Gide, Getaround by Orrick in Paris and San Francisco, the other investors by Jones Day.