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

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Who Controls Your Vehicles’ Data?

In the name of security, an automaker’s alliance is advocating denial of third-party access to the OBD-II port. Is this going too far?

Job Finder: Access Top Talent. Fill Key Positions.

>