Zipcar, Inc. (ZIP) Exercises Option to Acquire Majority Stake in Avancar
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Zipcar, Inc. (Nasdaq: ZIP) announced the exercise of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing S.A., known as Avancar. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles.
The transaction is expected to be completed in early 2012, and builds on Zipcar's initial equity investment in Avancar in December 2009. With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60 percent.
The transaction is expected to be completed in early 2012, and builds on Zipcar's initial equity investment in Avancar in December 2009. With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60 percent.
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