January 2, 2013 / 11:11 AM / 5 years ago

Avis Budget to buy Zipcar for $500 mln

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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.

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