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.

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