Car rental firm Avis Budget Group is set to buy car club operator Zipcar. The move is designed to both expand the latter’s carsharing fleet and to extend Zipcar’s car access technology to Avis and Budget cars for hire at airports and other hubs.
The sale, worth approximately $500m, has been agreed by the boards of Avis Budget Group and Zipcar but is subject to approval by Zipcar shareholders in the spring. Avis is paying $12.25 per share for Zipcar, almost 50% more than shares...
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