For R$ 130 million, Movida buys Marbor Frotas

Last week, Movida announced the purchase of Marbor Frotas Corporativas for R$130 million. The negotiation will have 1.800 linked vehicles distributed to over 100 corporate clients

Movida, a car rental company, made public the purchase of Marbor Frotas Corporativas, for R$130 million, last week. The amount will be paid in cash, in two installments, with 50% of the down payment and the other 50% after 1 year of the transaction.

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Movida stated that the purchase favors the company with regard to specific consumer markets, in addition to making the company's customers more participatory in a flexible sector such as Fleet Management and Outsourcing (GTF).

"The Transaction is in line with the Company's Strategic Planning, which aims at discipline and return on capital employed, growth and profitability by promoting the creation of value for the Company and its shareholders", said Movida in a material fact sent to the Securities (CVM).

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Negotiations will include 1800 vehicles linked to lease contracts that, on average, last for 1,4 years and are distributed to more than 100 corporate clients, which have contracts with an average duration of 2,7 years.

Value of the transaction between Movida and Marbor Frotas

The negotiation constitutes that the purchase price of all Marbor emission quotas will be equivalent to the value of the fleet on the closing day of the transaction, evaluated based on the value of the FIPE table on June 30, 2021, plus an additional of half monthly net rental revenue, which results in an Enterprise Value (EV) of R$ 130 million.

According to Movida, the EV will be adjusted to reduce the net debt and possible adjustments on the closing date of the contract, resulting in the final value of the shares issued by Marbor. Movida also points out that in order to implement the contract there is a condition of fulfilling the obligations and conditions that usually precede this type of action.

The buyer also informed that it will carry out the necessary measures in order to compare the acquisition value with the criteria defined by article 254 of the Brazilian Corporate Law and, if it proves necessary to submit the contract for ratification at the company's general meeting, it will communicate the shareholders, allowing dissenting shareholders to be entitled to withdrawal rights.

About Marbor

Founded in 1996, in the city of Mogi das Cruzes, Marbor operates in fleet management and outsourcing. In the 2017-2020 period, the company increased its fleet by more than a thousand vehicles, totaling a 35% compound annual growth rate (CAGR). As a result, it gained representation in the GTF sector and increased the number of customers joining. From July 2020 to August 2021, Marbor recorded net revenue from rentals of BRL 26 million.