#regulatory-arbitrage

#regulatory-arbitrage

That contrarian bet led to the founding of Auro Travel, now Spain's largest fleet operator for private hire vehicles. What began as a license-acquisition play has grown into a company that attracted buyout offers reportedly worth €200 million from both Uber and Cabify in late 2022. The journey offers a case study in how regulatory arbitrage, executed with patience and precision, can create substantial enterprise value.