Avis Budget acquires car-sharing service Zipcar for $491 million

January 2, 2013

Automotive News –

Avis Budget Group Inc. agreed to buy U.S. car-sharing company Zipcar Inc. for $491 million, targeting consumers looking for an alternative to owning their own auto.

Zipcar’s board agreed to a bid of $12.25 a share, Avis Budget’s said today in a statement.