Avis Budget to buy Zipcar for $500 million

Published January 02, 2013

| Reuters

Car rental company Avis Budget Group Inc said it will buy U.S. car-sharing company Zipcar Inc for about $500 million in cash.

The offer of $12.25 per share is at a premium of 49 percent to Zipcar's Monday close.

Avis said it expects to complete the deal in the spring of 2013.

(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Supriya Kurane)

http://www.foxbusiness.com/news/2013/01/02/avis-budget-to-buy-zipcar-for-500-million/