Avis Budget Group Inc. and Apex Car Rentals entered into a definitive agreement for the acquisition of New Zealand-based Apex, according to a company announcement on Sept. 5.

Avis Budget will acquire the assets of Apex for approximately $29 million in cash, plus the book value of the Apex rental fleet and potential earn-out payments based on its future financial performance.

The acquisition of Apex and its fleet of more than 4,000 rental cars throughout locations in New Zealand and Australia will further expand Avis Budget Group's presence in the two countries. The acquisition is scheduled to close in October 2012.

“This transaction represents another step in our strategic efforts to expand our global network, in a market where we have considerable experience,” said Latin America/Asia Pacific Avis Budget Group President Patric Siniscalchi. “The transaction also provides us with additional opportunities with our portfolio of brands to meet the vehicle rental needs of all New Zealand and Australia visitors and residents.”