Zipcar (ZIP) Completes Option for Investment in Avancar, Becomes Majority Shareholder
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Zipcar, Inc. (Nasdaq: ZIP), has completed its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing S.A., known as Avancar. With this transaction completed, Zipcar is now the majority shareholder for the company with a controlling stake of more than 60 percent. This deal builds on Zipcar's initial equity investment in Avancar which was announced in December 2009.
Avancar is the largest car sharing service in Spain. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles.
According to research by Frost & Sullivan, the market for car sharing in Europe could reach 5.5 million members and 3 billion euros. In addition, a 2009 Zipcar study supported by the Economist Intelligence Unit's data and methodology found that Barcelona is a top 20 global car sharing city.
Avancar is the largest car sharing service in Spain. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles.
According to research by Frost & Sullivan, the market for car sharing in Europe could reach 5.5 million members and 3 billion euros. In addition, a 2009 Zipcar study supported by the Economist Intelligence Unit's data and methodology found that Barcelona is a top 20 global car sharing city.
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