In an effort to accelerate revenue from its mobility division, Stellantis is buying SHARE NOW, a car-sharing joint venture set up by BMW and Mercedes in 2019.

The companies announced today that they had signed an agreement for the sale but, as part of it, said they would not disclose the details of the transaction. Italian newspaper La Reppublica reports that the deal has been valued at around €100 million ($105 million USD at current exchange rates), though others have proposed that it may have been worth more than twice as much. It remains subject to approval from antitrust authorities.

SHARE NOW is the market car-sharing market leader in Europe and was founded by combining car2go and DriveNow, the two German companies’ smaller car-sharing companies. Stellantis said it is buying the company to expand its existing business in the space, which is called Free2move.

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The deal is part of the conglomerate’s plan to grow net revenue from car-sharing to €700 million ($738 million USD) by 2025 and to €2.8 billion ($2.95 billion USD) by 2030. Last year, it made just €40 million ($42 million) from Free2Move, but the head of that division told Reuters that the company “will really accelerate in terms of revenue.”

Despite being the biggest car-sharing business in Europe, though, SHARE NOW has so far struggled to make a profit. The subsidiary is estimated to have lost around €200 million ($211 million USD) per year. Stellantis, though, plans to expand globally and will aim to have entirely electrified its fleet in Europe by 2030 and in the U.S. by 2035.

Although BMW and Mercedes are ditching SHARE NOW, they aren’t giving up on so-called mobility ventures. The companies will focus on what they call two central business areas “with high growth potential.” They are digital multi-mobility, via an app called FREE NOW, and digital services related to the charging of EVs, through an app called CHARGE NOW.

“With the apps of FREE NOW and CHARGE NOW, we want to provide our customers with a comprehensive and wide range of digital services,” said Rainer Feurer, the head of corporate investment at BMW. “The new orientation enables us to scale our activities faster and thus to achieve further profitable growth in the shortest possible time.”