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Avis to Buy Zipcar
Rental car company Avis Budget Group Inc. is spending about $500 million to buy Zipcar Inc., the car-sharing service that operates in large cities and on more than 300 college campuses.
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Rental car company Avis Budget Group Inc. is spending about $500 million to buy Zipcar Inc., the car-sharing service that operates in large cities and on more than 300 college campuses.
Avis is paying $12.25 per share in cash, a 49% premium over Zipcar's closing price at the end of 2012. The companies expect to complete the sale by spring.
Avis says the deal will help its rental business on the weekends when demand jumps from customers who need a vehicle to run errands. Zipcar's 760,000 members worldwide can rent vehicles by the hour, with fuel and insurance included.
After the acquisition, Zipcar will become a subsidiary of Avis Budget Group. The unit will move its headquarters to Boston as planned and will continue to be run by Chairman and CEO Scott Griffith and President and COO Mark Norman.
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