Avis Budget to buy Zipcar for $500 mln

Wed Jan 2, 2013 6:11am EST

Jan 2 (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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.