Mitta acquires Chilean car rental company First Rent a Car

Cuatrecasas has advised Autorentas del Pacífico (Mitta) on acquiring First Rent a Car, an operational car rental and leasing company with 54 years’ experience in the Chilean market, servicing vehicles ranging from economy cars to vans. After evaluating market concentration levels and potential risks, the Chilean antitrust authority (FNE) approved the transaction without conditions. Following the transaction, First Rent a Car has become part of Mitta.

The transaction—structured as an asset purchase and control—raised several challenges mainly involving the change in the seller's contractual position. This required parallel negotiations with the transaction’s counterparty and its banks and clients, to ensure a seamless closing and continuity of the transaction.

“Autorentas del Pacífico is the largest company in operational car rental and leasing in Chile. A subsidiary of Japan’s Mitsui & Co., it has operated under the Mitta brand since April 2019. This transaction has enabled it to increase its fleet by 15% (over 3,500 vehicles) and to obtain new clients, especially in the mining sector, making it an undisputed market leader,” said the translaction’s leader, Santiago-based Cuatrecasas partner Robert Guerrero (Corporate and M&A). Partners Josefina Yavar and Tomás Kubick, and associate Pilar Illanes (Corporate and M&A) also participated in the transaction, with lawyers Álvaro Caviedes and Josefa Redón supporting.