Hyundai Capital said Sunday that its German subsidiary has become the largest shareholder in a local lender, in an extended move to enhance the group’s mobility strategy.

Hyundai Capital Bank Europe GmbH has signed an agreement with German car rental service provider Sixt SE to acquire 8.64 million shares, or a 41.9 percent stake, in Sixt Leasing SE for 155.6 million euros ($168 million).

After the due regulatory clearance procedure is completed in both Europe and Korea, HCBE will gain access to the German lender’s lease sale channels and second-hand car platforms, officials said.

“This acquisition will lay the groundwork (for HCBE) to respond more actively to the mobility market changes,” the company said in a release.

Regardless of the share package transaction, a tender offer will kick off in the near future for HCBE to purchase at least 13.1 percent of voting rights from the public stock bourse at the same price.

This comes in the binding contract for HCBE to secure at least 55 percent of Sixt Leasing, a Hyundai Capital official said.

Sixt Leasing closed at 18.46 euros per share Friday, up 3.6 percent from Thursday.

The deal would open the door to Hyundai Motor Group’s novel mobility strategy by capitalizing on Sixt Leasing’s capabilities in European countries such as Germany, Austria and Switzerland, Hyundai Capital said in a statement.

HCBE was founded in 2017 in Frankfurt, as an auto financing arm of Hyundai Motor Group, which controls car marques Hyundai, Kia and Genesis. It transformed into a joint venture with Santander Consumer Bank in March 2019.

By Son Ji-hyoung (consnow@heraldcorp.com)