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

(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.

An Avis car rental sign, seen, outside a branch in west London, Monday, Nov. 17, 2008.   (AP Photo/Alastair Grant)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
13%
24%
39%
13%
5%
5%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!