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Movida Announced Last Week The Purchase Of Marbor Corporate Fleets For R$ 130 Million. The Deal Will Include 1,800 Linked Vehicles Distributed To More Than 100 Corporate Clients
Movida, a car rental company, publicly announced the purchase of Marbor Corporate Fleets for R$130 million last week. The amount will be paid in cash, in two installments, with 50% paid upfront and the other 50% after 1 year of the transaction.
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Movida stated that the purchase benefits the company regarding specific consumer markets, in addition to making its clients more active in a flexible sector like Fleet Management and Outsourcing (GTF).
“The Transaction Is Aligned With The Company’s Strategic Planning, Aiming For Discipline And Return On Invested Capital, Growth And Profitability, Generating Value For The Company And Its Shareholders”, Movida said in a relevant fact sent to the Securities and Exchange Commission (CVM).
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The deal will include 1,800 vehicles linked to rental contracts, which on average last 1.4 years and are distributed to more than 100 corporate clients, who have contracts with an average duration of 2.7 years.
Transaction Value Between Movida And Marbor Fleets
The deal stipulates that the purchase price for all Marbor’s issuance shares will be equivalent to the fleet’s value on the closing day of the transaction, evaluated based on the FIPE table value on June 30, 2021, plus an additional half a month’s net rental revenue, resulting in an Enterprise Value (EV) of R$ 130 million.
According to Movida, the EV will be adjusted to offset the net debt and possible adjustments on the contract closing date, resulting in the final value of Marbor’s issuance shares. Movida also points out that to implement the contract, there is a condition to fulfill the obligations and conditions that usually precede this type of action.
The buyer also informed that it will take the necessary steps to compare the acquisition value with the criteria set forth in Article 254 of the Corporations Law and, if necessary, submit the contract for ratification by the company’s general assembly, informing shareholders and allowing dissenters to exercise their right of withdrawal.
About Marbor
Founded in 1996, in the city of Mogi das Cruzes, Marbor operates in fleet management and outsourcing. In the three-year period from 2017 to 2020, the company increased its fleet by over a thousand vehicles, totaling a compound annual growth rate (CAGR) of 35%. With this, it gained representation in the GTF sector and increased client adhesion. From July 2020 to August 2021, Marbor recorded a net rental revenue of R$ 26 million.
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