Hotels, Lodging, Restaurants & Travel M&A » By The Online Investor Staff, updated Fri., Apr. 26, 1:39 AM
Recent mergers and acquisitions in the Hotels, Lodging, Restaurants & Travel M&A category.
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Slide #46. Avis Budget Group, Inc. — Zipcar, Inc.
Acquirer:
Avis Budget Group, Inc. (CAR)
Acquiree:
Zipcar, Inc. (ZIP)
Details:
Avis Budget Group, Inc. and Zipcar, Inc., 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 the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction.
Avis Budget Group is a provider of mobility solutions through its three brands, Avis, Budget and Zipcar, together with several other brands. Co.'s segments are: Americas, which provides and licenses its brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets; and International, which provides and licenses its brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia and Australasia, and operates its car sharing business in certain of these markets.
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Avis Budget Group is a provider of mobility solutions through its three brands, Avis, Budget and Zipcar, together with several other brands. Co.'s segments are: Americas, which provides and licenses its brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets; and International, which provides and licenses its brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia and Australasia, and operates its car sharing business in certain of these markets.
CAR SEC Filing Email Alerts Service
Open the ZIP Page at The Online Investor »
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