Avis, the car rental company has made another acquisition, this time it is the car sharing
network Zipcar, in a deal which is reported to be worth $500 million,
and the purchase, according to Avis is at a 50 percent premium over the
closing price of Zipcar in December.
Zipcar was founded back in
2000, and has around 767,000 members and 11,000 vehicles throughout the
US and Canada, the UK, Spain and Austria, obviously Avis will be looking
to expand the service to more countries.
"By combining with Zipcar, we will significantly increase our
growth potential, both in the United States and internationally, and
will position our Company to better serve a greater variety of consumer
and commercial transportation needs.
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.”Source The Next Web