Zipcar acquired by Avis for approxmiately $500M
Wednesday, January 2, 2013
Cambridge, MA
Deal Type: 

Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP),
the world's leading car sharing network, today announced that Avis
Budget Group has agreed to acquire Zipcar for $12.25 per share in cash,
a 49% premium over the closing price on December 31, 2012,
representing a total transaction value of approximately $500 million.
The transaction is subject to approval by Zipcar shareholders and other
customary closing conditions, and is expected to be completed in the
spring of 2013. The Boards of Directors of both companies unanimously
approved the transaction, and Zipcar shareholders representing
approximately 32% of the outstanding common stock have agreed to vote
their shares in support of the transaction.