Avis Budget Group has announced the acquisition of Zipcar, one of the leading car sharing services in the U.S. Avis has offered to pay $12.25 per share for the deal to finalize.

What Gadget you are getting this Holiday?

View Results

Loading ... Loading ...
1 Star2 Stars3 Stars4 Stars5 Stars (Rate This)
Loading ... Loading ...

Zipcar has amassed a whole lot of fame and popularity as a car sharing service. In the car sharing niche, Zipcar is certainly among the very few names that have made it big. In a recent statement released by both Avis and Zipcar, the former has acquired the company.


Zipcar

Zipcar is among the leading car sharing services in the U.S. The company currently has a user base of 760,000 and and has a presence in 20 major metropolitan areas of the country.

It has now reached an agreement with Avis Budget Group according to which, Avis will be acquiring Zipcar for $12.25 per share. The amount owed against the total shares will be paid in cash. The deal is certainly sweet since Zipcar’s share price currently stands at $8.24 which means that Avis is paying a 49% premium over the current stock price.

According to the chairman of Avis Budget Group, Ronald L. Nelson, “By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs.”

The company plans to reinforce the Zipcar brand by expanding its presence to more areas and intends to leverage its technology to put Avis and Budget brands into greater momentum. The company also hopes that the acquisition will help it significantly trim down its own costs by letting the Avis fleet be utilized under the Zipcar brands to enhance the service’s portfolio.

Zipcar seems quite happy with the deal and the company’s chairman, Scott Griffith says, “We are delighted to announce our intention to join the Avis Budget Group family of companies, and we believe this combination is a win across the board for our members, shareholders and employees.  We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations.”

Courtesy: Business Insider

Buy Cheapest Related Product From Amazon.com


Canonical Finally Unveils Ubuntu Phone OS For Mobile Devices

Android Fans Calculate That LG Has Sold 400,000 Nexus 4 Units
You can also press the left/right arrow key on your keyboard to go to previous/next post
  On January 4, 2013(1 year, 7 months ago.)

Recent Products

Compare  
Buy Now | Compare  

What Do You Think?

Loading Disqus Comments ...
Loading Facebook Comments ...

Recent Search

Recent Tutorials

The trick will let you to check your Facebook messages in the original app without downloading Messenger and it works with both iPhone or Android phone.
Want to block all disgusting ads from your android device? Read the tutorial to know how you can block ads on your Android and save data.
Want to repair your memory card? It's very easy to fix corrupted or damaged memory card. In fact you can fix it by yourself.
Are you the one who is frustrated because of the speed of your Android device? No worries, the article will help you increase the speed of that device.
Lately, Google has updated its Google Docs. Now users can crop, rotate, and add borders to images in a document without leaving Google Docs.
Adobe CS products are not free, but the good news is you can now download Photoshop CS2 & all other CS2 product completely free and it's absolutely legal.
At the beginning level, many people don't know how to use Gmail properly. For them, a here's a helpful guideline.
Skype now allows you to call directly from your Outlook account. Find the step-by-step installation process from this tutorial.
This tutorial helps you quickly resolve four of the most common problems that occur with Windows XP.
After releasing Look Back, many people didn't like it. So Facebook planned to add an Edit tool to the feature and now you can edit your Facebook Look Back video.
Close You Have To Login
User:
Pass:
Login With »Login With TwitterLogin With Facebook