Avis Budget Group Completes Funding, UK Clearance for Zipcar Acquisition
After announcing the completion of $525 million in debt financing and receiving regulatory clearance in the UK, Avis and Zipcar expect to close the merger during the week of March 11.
Avis Budget Group Inc. and Zipcar Inc. completed $525 million in debt financing to fund Avis Budget’s pending acquisition of Zipcar, according to a March 8 press release.
Avis Budget also announced the transaction received regulatory clearance in the UK after the UK Office of Fair Trading determined that Avis Budget's planned acquisition of Zipcar does not qualify for investigation under UK antitrust law. The company has already received U.S. antitrust approval, as well as by Zipcar stockholders.
The companies currently anticipate the acquisition to be completed during the week of March 11, subject to customary closing conditions.
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