Avis Budget Group Completes Acquisition of Avis Europe Plc

PARSIPPANY, N.J. and LONDON, Oct. 3, 2011 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) announced today that it has completed its previously announced acquisition of Avis Europe plc. The combined company is now one of the largest vehicle rental companies in the world, with branded rental locations in approximately 175 countries.

"We are thrilled to be closing our acquisition of Avis Europe and re-uniting the Avis and Budget brands globally," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "This transaction positions us well to capture incremental growth in global travel and will enable us to more effectively serve our customers worldwide."

Prior to the completion of the acquisition, Avis Europe had been an independently-owned licensee of Avis Budget Group, operating the Avis brand in Europe, the Middle East, Africa and Asia since 1986. The equity purchase price of approximately $1.0 billion and the repayment of certain Avis Europe debt obligations are being funded through a combination of existing cash and incremental borrowings, and the acquisition is expected to be accretive to Avis Budget's earnings per share, excluding any integration and other one-time costs and the non-cash effects of purchase accounting.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of vehicle rental services through its Avis and Budget brands, with 10,000 rental locations in approximately 175 countries around the world following the acquisition of Avis Europe. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 27,000 employees and is headquartered in Parsippany, N.J. For more information, visit www.avisbudgetgroup.com.