Purchase of PHH and Wright Express Completed by Avis Rent A Car, Inc.

Avis announced on June 30, 1999 that it had officially purchased the vehicle management and fuel card business of PHH and Wright Express from Cendant Corporation. The original announcement of the planned purchase was made in late May.

The purchase price, according to terms announced in May, was $1.44 billion in cash and $360 million in convertible preferred stock. Avis also assumed $3.2 billion in fleet debt, bringing the total value of the deal to $5 billion.

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

Auto Manufacturers: Mobility Disruptors or Fleet Providers?

Maven’s Alex Keros shares insights into evolving smart mobility business models and new opportunities with fleet management.

What is Your Time Worth?

Personal observations of retail and travel transactions reveal just how much a consumer’s time is worth today, and how increasingly intolerant we are of inefficient transactions.

Safeguarding Your Business with Brokers

While the high-profile bankruptcy of Atlas Choice has left many car rental companies wary of working with brokers, rental companies can take steps to protect themselves and ensure a productive relationship.

Job Finder: Access Top Talent. Fill Key Positions.

>