Daimler has acquired the remaining 25 per cent stake in Car2Go Europe from car rental company Europcar for €70m (£62m). As a result, the German automaker will own the entirety of Car2Go Europe. The transaction is expected to close by the end of the second quarter of this year.

The car-sharing platform, which was originally founded by Daimler in Germany, has over 3m users across Europe, North America and China. The European arm of the company was formed in 2012 as part of a joint venture between Daimler and Europcar.

“Over the course of the last several months, we have intensified our investments in mobility services in order to create a holistic mobility system with a broad portfolio. As part of this strategy, we decided to fully acquire the remaining shares in car2go Europe,” said Jörg Lamparter, head of mobility services at Daimler. “We want to thank Europcar for their great support as we went from a car sharing start up to the leading car sharing company in the world.”