British regulators give Avis Zipcar deal green light - Car Rental News
British regulators give Avis Zipcar deal green light
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Car Rental News - 11/03/2013
Regulatory authorities in the United Kingdom have approved Avis Budget’s acquisition of Zipcar.
Regulatory authorities in the United Kingdom have approved Avis Budget’s acquisition of Zipcar.
According to a Bloomberg report published on Friday, the acquisition of the $491 million deal has been officially reviewed and cleared by the UK Competition Commission, paving the way for a takeover that is expected to close later in the month.
Avis Budget shares rose to $0.37 on the deal, closing at $25.81 on Friday. The news comes following the US Federal Trade Commission’s approval of the takeover in January.
Zipcar is one of the largest contenders in the car sharing industry, which has seen a rapid rise in popularity in recent years, particularly on urban areas on the US East Coast and university campuses across the country.
Meanwhile, Avis has recently expanded its new Taiwan business by launching six new outlets along the Taiwan High Speed Rail (THSR) line, which spans the island-nation’s west coast between its two largest cities. The new outlets are located at the following THSR stops: Taoyuan, Tainan, Chaiyi, Taichung, Hsinchu and Zouying, according to an official press release.
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