Mercedes-Benz and BMW are exploring the sale of their jointly owned FreeNow mobility app and have engaged investment bank Lazard to assess market interest, Bloomberg reported, citing sources familiar with the matter.
The two automakers, each holding close to 50% of FreeNow, are in the early stages of evaluating potential buyers. While a deal could fetch up to 500 million euros ($540 million), there is no certainty that the discussions will result in a transaction, the sources said.
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FreeNow, which operates in over 150 European cities, originated as the MyTaxi app before expanding to include e-scooters, car-sharing, and rental services. It has also partnered with Hamburg’s “ZukunftsTaxi” initiative to support the transition to electric taxis. A sale could present an opportunity for competitors to strengthen their presence in key European markets.
Speculation has previously linked Uber and South Korea’s Kakao Mobility to a potential takeover, though no agreements have materialized. BMW and Mercedes-Benz launched FreeNow as part of a broader mobility joint venture in 2019. Other services under that initiative, including the car-sharing platform Share Now, were sold to Stellantis subsidiary Free2Move in 2022.
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Mercedes-Benz and BMW declined to comment on the sale discussions, while a BMW spokesperson stated that FreeNow is “exceeding its current targets.” FreeNow itself did not respond to Bloomberg’s inquiry.
