Sixt is taking over 10 airport locations from the bankrupt Advantage Rent a Car, giving the German mobility supplier an immediate footprint in some the biggest markets in the United States.
On Wednesday, a U.S. District of Delaware Bankruptcy Court approved Sixt's acquisition of airport concessions at all three New York area airports as well as Boston, Houston Bush Intercontinental, Orlando, Denver, Las Vegas, Honolulu and Maui. Law360 reported the acquisition price at $16.1 million.
Sixt managing board member Alexander Sixt said the acquisition was "highly pragmatic" and was "a very decisive strategic step towards building a nationwide network in the world's largest car rental market." Sixt for several years has been working to build its U.S presence, and it estimates total annual car rental volume at the 10 airports at $3.4 billion, about the same as the total rental car business in Germany.
Advantage's parent company Advantage Holdco filed for bankruptcy protection in late May. The sale this week also included concession agreements for six airport locations, including Hartsfield-Jackson Atlanta International Airport, to Orlando Rentco for $1.6 million, according to Law360.