Avis Completes Zipcar Purchase
Car-rental giant Avis Budget Group Inc. has completed its previously announced acquisition of car-sharing network Zipcar Inc., the company said yesterday.
Last week, Avis received the U.K. Office of Fair Trading’s approval on the deal, and the company already had approval from other governing bodies in the U.K. and United States. 
Avis announced the $500 million Zipcar purchase in January. On March 8, the company completed an estimated $525 million debt financing with a weighted-average interest rate of 5.1%. It consists of senior notes and term loans.
Through its Avis and Budget brands, Avis Budget Group has more than 10,000 rental locations in 175 countries worldwide. Zipcar has a fleet of 11,000 vehicles and more than 775,000 members who can rent cars by the hour or day in several metropolitan areas in the U.S., Canada, and Europe.
