02 Jan '13, 3pm

Avis buying Zipcar for $500 million

Avis buying Zipcar for $500 million

Avis Budget Group To Acquire Zipcar For $12.25 Per Share In Cash Combined company will be the global leader in car sharing and mobility solutions. Combination expected to produce $50-70 million in annual synergies. Transaction targeted to close in spring 2013. Avis Budget re-affirms its prior estimates of full-year 2012 results. Jan 2, 2013 PARSIPPANY, N.J. and CAMBRIDGE, Mass., Jan. 2, 2013 /PRNewswire/ -- Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in...

Full article: http://green.autoblog.com/2013/01/02/avis-buying-zipcar-f...

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