Avis buys car rental service ZipCar for $ 500 million

The year 2013 has just begun, and it was already marked by a big deal: the car rental company Avis Budget Group (Avis) intends to buy a service of short-term car rental ZipCar at 12.25 dollars per share - about $ 500 million, reports The Next Web.

ZipCar service was founded in 2000 in the USA, it allows you to book a car online or by phone at any time - immediately or one year in advance. Users have automated access to cars thanks to a special access card that allows you to open the car door.
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The ZipCar application for iPhone and Android allows you to give a horn signal to detect a car and open its doors. In November, the service had 767 thousand users and 11 thousand cars in the USA, Canada, Great Britain, Spain and Austria, which makes ZipCar the leading car sharing network in the world.

In a press release, Avis notes that the purchase price is about 50% higher than the market value of ZipCar as of December 31, 2012. The transaction is expected to be completed in the spring of 2013.

Avis Budget Group operates two of the world's leading car rental brands, Avis and Budget, providing services in approximately 175 countries. Avis Budget plans to achieve significant savings by combining the fleet of the two companies.

Upon completion of the transaction, ZipCar will operate as a subsidiary of the Avis Budget Group. Avis Budget expects that ZipCar will also be able to increase revenues by meeting the increased demand for ZipCar cars for the weekend at the expense of the Avis Budget fleet.

UPD: there is news that ZipCar shareholders want to block the deal, citing the fact that last year the stock price reached $ 16.25, and 12.25 is not enough. In fact, the stock price has steadily decreased: if after an IPO in April 2011, it was $ 27.96, then on December 31, 2012 it was already 8.24.