Vanguard Car Rental Cancels IPO

Vanguard Car Rental Group Inc. has withdrawn its initial public offering with the Securities and Exchange Commission, as the company has agreed to sell itself to Enterprise Rent-A-Car in a private transaction, the Associated Press reports.

Privately held Enterprise Rent-A-Car announced on March 30 that it has entered into a definitive agreement to purchase the Tulsa, Okla.-based car rental company. The deal is expected to close in the third or fourth quarter.

Financial terms of the transaction weren't disclosed.

Vanguard Car Rental, which operates under the National Car Rental and Alamo Rent A Car brands, originally filed in August for an IPO of up to $300 million in common stock.

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