PSA, MKB acquire stake in car-sharing platform Communauto
France's PSA Group, parent of the Peugeot automotive brand, and Canadian merchant bank MacKinnon, Bennett & Co (MKB) have acquired an interest in Communauto Inc. No financial terms were released. Based in Montréal, Communauto is a car-sharing business, offering a fleet of electric vehicles as well as station-based and related services. It currently operates in seven cities in Canada as well as in Paris. The investment by PSA and MKB, an investor in renewable energy and smart cities sectors, is intended to speed up the company's global expansion and roll out its electrification strategy. Communauto is led by CEO Benoît Robert, who founded it in 1994.
28 September 2016•4 mins read
