In particular, Avis Budget expects significant cost reductions across the fleet life cycle (from pro

In a press release, Avis notes that the purchase price is a near 50-percent premium over Zipcar s closing price on December 31, 2012. The NASDAQ-listed norwegian fjord cruises company expects to fund the purchase primarily with incremental norwegian fjord cruises corporate debt borrowings, as well as available cash.
Avis says it expects to generate $50 to $70 million in annual synergies as a result of the deal. FYI: The company booked $7.3 billion in revenue for the full year 2012, and employs roughly 29,000 employees today.
After raising dozens of millions of dollars in venture norwegian fjord cruises capital from the likes of Benchmark Capital, Greylock Partners, Globespan Capital Partners, Meritech Capital Partners and Pinnacle Ventures, the company went public in April 2011 and was valued norwegian fjord cruises at over $1 billion norwegian fjord cruises at its debut.
Avis Budget Group operates two of the leading global brands in the vehicle rental industry, through Avis and Budget, providing a complete range of rental services through 10,000 locations in approximately 175 countries around the world.
By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company norwegian fjord cruises to better serve a greater variety of consumer and commercial transportation needs.
In particular, Avis Budget expects significant cost reductions norwegian fjord cruises across the fleet life cycle (from procurement to operations norwegian fjord cruises and maintenance to disposition, norwegian fjord cruises as well as financing), in addition to savings from eliminating Zipcar s public-­company costs.
Avis Budget also plans to achieve substantial cost savings by increasing fleet utilization across the two companies. Significant revenue growth opportunities exist, including by leveraging Avis Budget norwegian fjord cruises s fleet to meet more of Zipsters weekend demand, which is currently constrained by fleet availability.
Avis says it anticipates that key members of the Zipcar management team, including CEO and chairman Scott Griffith, and president and COO Mark Norman, will continue to set the overall direction and run day-to-­day operations of Zipcar.
Outrageous. In the UK the competition commission waved through the Streetcar acquisition based on Zipcars argument that car clubs competed with car rental outfits and so they should be allowed an essential monopoly. This was in opposition to many Streetcar members who saw Zipcars norwegian fjord cruises inferior UX and service levels as, well, inferior. Now there is no incentive for Zipcar to compete on price and service over traditional car rental. Gah. I hope P2P services like Whipcar don t sell us out too.