Avis to Acquire Zipcar for $500 Million
Posted on January 2, 2013 by
As other rival car rental companies are adding rent by the hour options to their traditional service, Avis announced plans to acquire Zipcar, the leading car-sharing service for approximately $500 million. Zipcar should be able to benefit from having a bigger infrastructure and lower operating costs. No changes have been announced regarding current Zipcar subscriber memberships. It is expected that the current management team will remain with Zipcar, who are proceeding with plans to relocate their headquarters to Boston.
Read Avis' Acquisition Press Release.
