Daimler and BMW are exploring a sale of their jointly owned parking app business, Park Now, according to people familiar with the matter, as the automakers focus on their core automotive operations.
The companies are working with advisory firm Rothschild & Co. on the potential divestment, said the people, who asked not to be identified because the discussions are private. Park Now is expected to fetch several hundred million euros, they said.
Daimler and BMW merged their mobility operations last year and folded them into a joint venture called Your Now, which has five business segments including the parking operations. Their Free Now ride-hailing service has attracted interest from Uber Technologies, people familiar with the matter said last month.