Avis Budget Group (CAR) to Acquire France Cars; No Terms
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Avis Budget Group, Inc. (NASDAQ: CAR), a leading provider of vehicle rental services, today announced that it has agreed to purchase France Cars, a privately-held vehicle rental company based in France, to significantly expand its presence in the French market. Terms of the transaction were not disclosed.
This purchase will give Avis Budget Group the second-largest light commercial vehicle fleet in France. It is also a key step in affirming the Company’s commitment to the local market, further increasing its ability to serve customers of all sizes, from entrepreneurs to multinationals to leisure travelers. The acquisition will add 8,000 cars, vans and light trucks to the Avis Budget Group fleet and will also add more than 60 locations to the Company’s rental network. France Cars generates vehicle rental revenues of approximately €60 million annually.
Mark Servodidio, President, International, Avis Budget Group, said, “We’re excited to announce our agreement to acquire France Cars. We are committed to strengthening our presence in the local market, and this acquisition will complement our existing operations in the country. France Cars will bring a strong presence in the French local market business and a leading position in the light commercial vehicle segment.”
This transaction represents continued execution on Avis Budget’s strategy to expand its presence in urban and suburban markets within Europe. Last year, the Company acquired Maggiore Group, Italy’s fourth-largest vehicle rental business.
Thierry Jardin, Chief Executive Officer of France Cars, commented, “We are excited by Avis Budget Group’s commitment to acquire France Cars and are looking forward to working closely together.”
Closing of the acquisition is subject to consultation with France Cars’ employee representatives and customary conditions, including merger control clearance, and is expected to be completed prior to the end of 2016. This acquisition does not affect Avis Budget Group’s previously announced intention to repurchase $350 to $400 million of its stock in 2016.
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