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Antitrust experts expect U.S. regulators to approve the Avis-Zipcar deal

Carefree young professionals and college students throughout the U.S. became concerned over the news that car rental giant Avis planned to acquire the quirky Zipcar because of the changes it might bring to the company. Reuters had conducted an informal poll of 9 antitrust experts. Most of them didn’t like the deal privately for the fear that it will lose a liveup upstart.

The poll concluded that eight of the nine expect U.S. regulators to approve the deal. Fans flock to Zipcar due to its new, young approach to car rental. Even young professionals who wanted to live without a car or those who are broke can rent a car for $11.25 an hour, frequently without leaving their neighborhood. It has provided convenience and attentiveness to numerous customers.

Let’s take for example a Toyota Tacoma pickup truck in Berkeley, California, that is referred to as the “Thaddeus." On Jan. 2, Avis Budget Group Inc said that it would pay about $500 million in cash, a 49% premium, for Zipcar Inc. It means that it has the top spot in the ever-expanding market.

Read the entire article Antitrust experts expect U.S. regulators to approve the Avis-Zipcar deal

Avis buys Zipcar for $491 million

Avis seeks to boost its growth potential by purchasing Zipcar for $491.2 million. By doing so, Avis broadens its offerings from conventional car rentals to car sharing services. Many people have started to patronize car sharing instead of the usual rentals in metropolitan areas and on college campuses. The advantage is that members can promptly obtain a vehicle for quick trips.

Zipcar was founded in 2000 and it went public in 2011. It currently has over 760,000 members. Avis Chairman and CEO Ronald Nelson said that by acquiring Zipcar, the company gives its growth potential a huge boost in the U.S. as well as in other countries. He also said that the company will be better positioned to offer various consumer and commercial transportation requirements.

Avis said that by bringing together the two fleets, the high demand on weekends will be met. For each Zipcar share, Avis Budget Group Inc. will pay $12.25. This represents a 49% premium over Zipcar’s closing price on Friday. FactSet said that the companies placed the total value of the deal at around $500 million. Zipcar Inc. has about 40.1 million outstanding shares. It will serve as an Avis subsidiary and will be based in Boston.

Read the entire article Avis buys Zipcar for $491 million

Avis to buy its European namesake for 635 million pounds

Avis Budget, a U.S.-based car hire company, will be reuniting with its European namesake after 25 years, as it purchases the Avis Europe for an agreed 635 million pounds ($1.0 billion).

Avis Budget will pay 315 pence per share, which is a 60 percent premium to the stock's closing price on Monday. The takeover would reverse a 1986 spin-off of the company's European arm. This move is backed by Belgian car dealership D'Ieteren, which is the shareholder holding 60 percent of Avis Europe.

CEO Pascal Bazin of Avis Europe told Reuters that the car rental market is becoming more consolidated around the world and is quite a capital intensive market.

Read the entire article Avis to buy its European namesake for 635 million pounds

Avis planning to capitalize on the popularity of car-sharing schemes

Avis Europe Plc wants to capitalize on the increasingly popular car-sharing schemes by offering an hourly rental program throughout Europe this 2011, the company’s chief executive officer, Pascal Bazin, said in an interview last Tuesday.

Bazin said that through the program, one can rent vehicles hourly in the city, and if needed over the weekend, one can also go out of the city. For this matter, the company will probably add more stations that offer the hourly rental throughout 2012, twice the existing 45, Bazin disclosed.

The company, which is the second largest vehicle rental in Europe, is taking advantage of the trend led by car sharing schemes such as BMW's 'DriveNow' and Daimler AG's 'car2go' that allow hourly rental of vehicles mainly to those in the urban areas.

Read the entire article Avis planning to capitalize on the popularity of car-sharing schemes