Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand

Avis Budget Group Inc. and Apex Car Rentals entered into a definitive agreement for the acquisition of New Zealand-based Apex, according to a company announcement on Sept. 5.

Avis Budget will acquire the assets of Apex for approximately $29 million in cash, plus the book value of the Apex rental fleet and potential earn-out payments based on its future financial performance.

The acquisition of Apex and its fleet of more than 4,000 rental cars throughout locations in New Zealand and Australia will further expand Avis Budget Group's presence in the two countries. The acquisition is scheduled to close in October 2012.

“This transaction represents another step in our strategic efforts to expand our global network, in a market where we have considerable experience,” said Latin America/Asia Pacific Avis Budget Group President Patric Siniscalchi. “The transaction also provides us with additional opportunities with our portfolio of brands to meet the vehicle rental needs of all New Zealand and Australia visitors and residents.”

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

A Shared Mobility Model Takes Shape for Fleets

Technology that allows cab drivers flexible access to a shared fleet is leveling the playing field for an 89-year-old taxi company.

Safety Tech: Crash Avoidance or Sensory Overload?

As advanced safety technologies become even more pervasive on mainstream vehicles, are we creating “stupid drivers?"

Own the Fleet, Own the Future

In the dialogue surrounding new transportation paradigms, fleets have been off the public radar until recently. Here’s what’s going on, and a way for you to participate in the conversation.

Job Finder: Access Top Talent. Fill Key Positions.

>