Avis Budget Group, a leading global provider of vehicle rental services through its Avis and Budget brands, will acquire Zipcar for $12.25 per share, totaling approximately $500 million. The acquisition is expected to be completed in the spring of 2013.
Zipcar, the world's leading car sharing network, has over 760,000 members. Zipcar has been active on the Grounds of the University of Virginia since November 2009. U.Va Zipsters have access to 7 Zipcars located around Grounds. U.Va Zipsters over 21 years-of-age also have access to Zipcars at over 300 other colleges and Universities, as well as various metropolitan areas including the Washington DC metro area, Boston, New York City, and Baltimore.
For more information, please read the full press release available on Zipcar's website: http://zipcar.mediaroom.com/index.php?s=43&item=294