(RTTNews) - Stellantis N.V. (STLAM.MI), an automaker, on Tuesday agreed to sell its entire stake in its Free2move car-sharing business to Mutares SE & Co. KGaA (MUX.DE).

The financial terms of the transaction were not disclosed.

The deal is expected to close by the end of 2026.

Free2move provides short- and long-term free-floating car-sharing services through a mobile application and operates fleets across 14 cities in Europe and the United States.

The company said the divestment is in line with its FaSTLAne 2030 strategy to focus capital allocation on regions, brands and technologies that generate stronger returns.

Mutares said the acquisition establishes a new platform in the mobility sector.

The company plans to improve fleet management, continue the transition to battery-electric vehicles and enhance the customer experience.

As an independent company under Mutares, Free2move is expected to benefit from enhanced operational flexibility, dedicated investment and increased agility to support future growth.

Stellantis closed trading 0.18% higher at $5.70 on the New York Stock Exchange. In the overnight, the stock traded 1.23% lesser at $5.63.

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