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Avis buying Zipcar for $500 million [UPDATE]

by Sebastian Blanco (RSS feed) on Jan 2nd, 2013 at 10:32AM

Zipcar has long been the granddaddy of carsharing programs, and has spent years forming partnerships with colleges, cutting a deal with Ford and working with the Feds to become a vendor in the government's Short Term Rental (STR) program. The company also first turned a profit in late 2011. A history like that was attractive enough to traditional car rental company Avis that Avis today announced it will buy Zipcar for $500 million. Avis is paying $12.25 per share. Zipcar's stock closed at $8.24 on the last day of trading in 2012. Outwardly, Avis has been slacking in the carsharing business... Read More

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