Avis Acquires Zipcar for $500 million
Zipcar currently has car sharing spots in Newton, Waltham and Watertown among other nearby communities.
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 locations in Watertown at the Arsenal on The Charles, at the Archstone on the Square apartments off Galen Street, Tufts Health Plan on Mt. Auburn Street and Homer Avenue near Mt. Auburn Cemetery. The company also has two car sharing spots located in the center, …
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