British online car retailer Cazoo has agreed to sell its Italian operations to European used car dealer Aramis Group.
As part of the agreement, Aramis Group will acquire 100% of the capital and voting rights of Cazoo Trading Italy.
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Cazoo sells around 1,600 used vehicles to consumers a year via its Italian business, recording annual revenues of around €30m ($29.6m).
The deal is not subject to antitrust aspects or other conditions and the business will be integrated into Aramis Group with immediate effect.
Aramis Group will rebrand the business to brumbrum following the acquisition, which is part of a strategic review of Cazoo’s European business.
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The financial terms of the transaction have not been disclosed.
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By GlobalDataIn a joint statement, Cazoo and Aramis Group said: “For Cazoo, this transaction provides the opportunity, in line with its previously announced plans to withdraw from mainland Europe, to quickly exit from the Italian market, contributing to its plan to reach profitability without the need for further external funding.
“For Aramis, it is a great opportunity to enter, at attractive financial conditions, a strategic market in continental Europe, representing €20bn of annual transactions, and where Stellantis, Aramis Group’s majority shareholder, has a very strong presence.”
Cazoo launched in Italy in June this year as part of its efforts to expand its geographical presence in Europe.
In September, the company announced plans to end its operations in the European Union and focus exclusively on core opportunities in the UK.
The decision was made after the retailer concluded a strategic review of its business in mainland Europe.
Last month, Cazoo reported record UK revenue of £347m ($397.4m) for the third quarter of fiscal 2022, up by 103% year-on-year.
The publicly traded company was founded in 2018 by serial entrepreneur Alex Chesterman OBE.
