Avis Acquires Zipcar for $500 million
Zipcar currently has car sharing spots at Wellesley College.
New Jersey-based Avis Budget Group announced today it has acquired the Zipcar car sharing company for approximately $500 million. Avis agreed to purchase Cambridge-based Zipcar for $12.25 per share, according to a press release issued today by Zipcar. The $12.25 is a 49 percent premium over the shares' closing price on Dec. 31, 2012. The board of directors for both companies unanimously approved the acquisition and the deal is expected to close sometime this spring. Zipcar has two locations at Wellesley College and three at Babson college. The company has more than 760,000 members with a presence in more than 20 metropolitan areas across the U.S., Canada and Europe. Once the acquisition goes through, Zipcar will operate as a subsidiary …
