Noerr advises Volkswagen Financial Services on establishing joint venture with subsidiary of BNP Paribas Cardif

A Noerr team led by partners Felix Blobel, Torsten Kraul and Felix Muhl has provided Volkswagen Financial Services AG with wide-ranging advice on establishing a joint venture with Icare, a French subsidiary of BNP Paribas Cardif. In this way, Volkswagen Financial Services intends to strengthen its European fleet business. The joint venture is being formed as part of a strategic alliance between Volkswagen Financial Services and BNP Paribas Cardif.

Icare specialises in offering maintenance products for fleet customers, which are to be provided throughout Europe via the newly founded joint venture. The focus will be on multi-brand business, i.e. vehicle brands outside the Volkswagen Group. The joint venture will allow maintenance packages to be offered throughout Europe to fleet customers with mixed fleets. The joint venture is to be launched in France. The foundation of the joint venture is still subject to clearance by the competition authorities.

Volkswagen Financial Services holds 51.0 per cent of the shares in the joint venture, while BNP Paribas Cardif’s subsidiary Icare SA holds 49.0 per cent.

Noerr advises Volkswagen Financial Services on a regular basis.

Advisors to Volkswagen Financial Services: Noerr Partnerschaftsgesellschaft mbB

Felix Blobel (partner, Private Equity, Berlin), Torsten Kraul (partner, IT/Outsourcing, Berlin), Felix Muhl (partner, Distribution, Hamburg) (joint team lead), Armin Bartsch, Marcel Behringer (both Corporate, Berlin).

In-house advisor at VWFS (Braunschweig)
Tom C. Blumenberg (legal counsel)

Advisors on French law:
August Debouzy