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

Trump and Regulations: An Alt-Fuel View

With 2025 emissions targets back in review, manufacturers, alt-fuel, and alt-power suppliers weigh in on the potential impacts of Trump’s initiatives.

Why GM’s Telematics Announcement is a Really Big Deal

Enabling a telematics connection at the factory — and not through an aftermarket hardware installation — is a game changer for fleets.

Four Thoughts From the 2016 Conference Calls

Sifting through the notes of Avis Budget Group’s and Hertz Global Holdings’ recent fourth quarter conference calls give us some trend lines to watch out for in 2017. (Of course, this gives us an incomplete snapshot, as Enterprise Holdings is privately held.)

Job Finder: Access Top Talent. Fill Key Positions.

>