Avis Acquires Zipcar for $500 Million
Zipcar currently has car sharing spots in Newton Centre.
New Jersey-based Avis Budget Group announced today it has acquired the Zipcar car sharing company for approximately $500 million. Avis agreed to purchase Cambridge-based Zipcar for $12.25 per share, according to a press release issued today by Zipcar. The $12.25 is a 49 percent premium over the shares' closing price on Dec. 31, 2012. The board of directors for both companies unanimously approved the acquisition and the deal is expected to close sometime this spring. Zipcar has more nearly a dozen sharing spots around Providence. The rental model offers convenience and affordable cars for customers who need to grab groceries or take a ride that is just a few hours long. The company has more than 760,000 members with a presence in more than…
