Avis Budget to buy Zipcar for $500 million

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Avis Budget to buy Zipcar for $500 million

www.reuters.com | 02.01.2013.

(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.

Avis Budget to buy Zipcar for $500 million

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)

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