Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

COMP/M.4004 - SCF / SAG GEST / JV

SECTION 1.2

Description of the concentration

The notification concerns the acquisition of joint control on the Portuguese company Multirent - Aluguer e Comércio de Automóveis, S.A. (ìMultirentî) and on the entire business of the Spanish company HBF Auto-Renting, S.A as a going concern (ìHBF businessî) by Santander Consumer Finance S.A. (ìSCFî), a wholly owned subsidiary of Grupo Santander, and SAG GEST – Soluções Automóvel Globais, SGPS, S.A. (ìSAG GESTî), controlled by SGC – SGPS, S.A (ìSGCî), through a new company specifically incorporated for the purposes of this transaction.

The proposed concentration concerns the markets for the provision of fleet management services, in Portugal and in Spain.

Grupo Santander is a group of banking and financial companies that operates through a network of offices and subsidiaries across various European (Spain and Portugal included) and Latin American countries. SAG GEST is mainly active in the car distribution business (wholesale and retail) in Portugal. Multirent and HBF are active in the provision of fleet management services. However, the former limits its activities to the Portuguese territory and the latter is only active in Spain.

The parties to the concentration, although supplying similar products and services, are active in different geographic markets.