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.
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Zipcar is the world’s largest car sharing network. The company announced this week plans to expand the company’s Zipvan cargo van service. Zipcar launched Zipvan in Seattle, L.A. Philadelphia, and Portland yesterday and it will roll out to the service to its remaining metro markets in North America over the next 12 months.
Ford Motor Company (NYSE:F) and Zipcar Inc (NASDAQ:ZIP) has announced a partnership where Ford will become Zipcar’s largest source for the company’s Zipcar University program. The Ford and Zipcar alliance will last two years and will reach students across 250 university campuses.
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Zipcar, the car-sharing company based in Cambridge, MA has acquired Streetcar, a U.K. car company that has a similar business model. “When considered along with our investment in the largest car sharing company in Spain in late 2009, this transaction gives us a very strong base from which to expand to additional European markets,” stated Zipcar chairman and CEO Scott Griffith. No word on how much the financial details were, but rumor has it that Zipcar spent about $50 million. [Xconomy]