Avis Budget Group Inc. recently said it signed a definitive agreement to acquire the operating rights for the Budget brand for the Newark, N.J. region. The deal includes the car rental operations of Budget at Newark Liberty International Airport. The company did not reveal the financial terms of the transaction.
The company noted that the rights to rent cars and trucks under the Budget name, which is being acquired by Avis, have been licensed to a third party.
The deal is scheduled to close later this month. After the transaction closes, Avis Budget will own all Avis and Budget car rental operations at all of the major New York airports, including LaGuardia Airport and John F. Kennedy International Airport.