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Investing.com -- Mercedes-Benz (OTC:MBGAF) Group AG and BMW (ETR:BMWG) AG are once again seeking to sell their jointly owned taxi-hailing app, FreeNow, according to Bloomberg, citing sources close to the matter.
Both car manufacturers, each holding just under a 50% stake, are said to be collaborating with financial advisory firm Lazard (NYSE:LAZ) Inc. to assess interest from potential buyers. The insiders, who requested anonymity due to the private nature of the discussions, estimated that the sale of the business could generate as much as €500 million ($521 million).
The companies, known for their luxury vehicles, first joined forces in 2019, investing over €1 billion in their combined car-sharing and ride-hailing ventures. This strategic move was designed to compete with established industry players such as Uber Technologies Inc . (NYSE:UBER) and Lyft Inc (NASDAQ:LYFT). In 2020, Uber was reportedly considering acquiring FreeNow, according to individuals familiar with the situation.
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