TRANSPORENT LTD EXPANDS TO FINLAND WITH ACQUISITION OF VEHO RENT

SIXT franchise holder in the Baltics (Transporent LTD) is acquiring Veho Group's Veho Rent Oy Ab. Veho Rent currently operates as an independent SIXT franchisee in Finland, while Transporent LTD operates as an independent SIXT franchisee in all the Baltic countries respectively. With the deal, business continuity of rental offerings under the SIXT brand are ensured including further development in Finland in cooperation with Transporent LTD.

"We are excited to announce the successful acquisition of Veho Rent Oy Ab, a move that reflects our dedication to strategic growth in Finland. Transporent LTD by operating as an independent SIXT franchise partner since 2010 has grown up to 63 million euro consolidated turnover and more than 7000 vehicles in the fleet. We are sure to maintain steady growth of the SIXT brand presence in the Finnish market by leveraging the strengths of both organizations to drive innovation and enhance the overall customer experience. We look forward to a seamless transition and a future of continued success," states Arnis Jaudzems, Chairman of the Board of Transporent LTD.

"The completed business arrangement is the latest step in Veho's strategy, according to which it focuses ever more closely on its own core business of Mercedes-Benz and Daimler Truck import and retail operations in Finland, Sweden, Estonia, Latvia and Lithuania. Maintenance replacement car services and rental services in general are critical success factors in terms of the success of Veho's business operations. I look forward with confidence to a new phase in the further development of the customer experience with the introduction of our own rental concept", states Juha Ruotsalainen, CEO of Veho Group.

The goal is to finalize the acquisition in the second quarter of 2024. Car rental operations as independent SIXT franchisee will continue under the current management and the current employees will continue to work for Veho Rent Oy Ab. Veho will continue to provide the replacement car services for transitional period at its locations in cooperation with Transporent LTD as SIXT franchisee.

Following the transition period, is estimated to conclude at the autumn of 2024, Veho will introduce its own concept to provide replacement car services. This strategic move aims to guarantee that customers always have access to a Mercedes-Benz replacement car, aligning with Veho's commitment to quality and customer satisfaction.

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