Avis Buying Zipcar for $500M

Car-sharing company's stock has been rising
By Evann Gastaldo,  Newser Staff
Posted Jan 2, 2013 7:16 AM CST
An Avis car rental sign, seen, outside a branch in west London, Monday, Nov. 17, 2008.   (AP Photo/Alastair Grant)

(Newser) – Car renting meets car sharing? Avis Budget Group has agreed to buy Zipcar for around $500 million, the Wall Street Journal reports. Avis will pay $12.25 per share, a 49% premium over Zipcar's closing price Monday. Zipcar's stock has risen in recent months as car sharing grows in popularity, and shares were recently at $8.78. "We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company," says Avis' CEO. (Read more car rental stories.)

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