The Zipcar.com logo is seen on a Mini Cooper car during a promotional event in New York's Times Square April 14, 2011. REUTERS/Mike Segar
Avis Budget to buy Zipcar for $500 million
Posted : Wednesday, 02 January 2013 06:19AM
(Reuters) - Car rental company Avis Budget Group Inc <CAR.O> said it will buy U.S. car-sharing company Zipcar Inc <ZIP.O> for about $500 million in cash.
The offer of $12.25 per share is at a premium of 49 percent to Zipcar's Monday close.
Avis said it expects to complete the deal in the spring of 2013.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Supriya Kurane)
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