Avis Acquires Zipcar For $500 Million
Avis Budget Group (Avis) is a vehicle rentals company that has acquired Zipcar for $12.25 per share. This extrapolates to $500 million. Avis is paying for the acquisition in cash. Avis had around $554 million in cash and equivalents as of the end of September 30, 2012. Avis’ market capitalization is at around $2.23 billion.