Avis Budget swallows up Zipcar for $500 million
Avis Budget Group, best known for its car rental services has moved to acquire car-sharing company Zipcar for $500 million.
The companies announced the deal today, saying that Avis paid $12.25 per share for Zipcar, representing a 49 percent premium on its $8.24 closing price on December 31. Zipcar's board of directors unanimously approved the deal, and shareholders owning about 32 percent of Zipcar have already signed off.
Zipcar offers a unique service in the car business. Rather than rent out cars in the traditional way, like Avis, Zipcar offers a "sharing" service that places … Read more
