Avis to buy out France Cars

Date: 18 SEPT 2016posted by Car Rentaledited by WinX

France Cars is a privately-held vehicle rental company. The Avis Budget Group, Inc. has agreed to purchase the company in an undisclosed amount. The acquisition will add 8,000 cars, vans and light trucks to the Avis Budget Group fleet which will propel the operation to the second largest light commercial vehicle fleet in France. The addition of more than 60 locations of the already established rental network which generates revenues of approximately � 60 million ($66.95 million USD) annually will help with Avis� ambition to expand its presence in urban and suburban markets within Europe. Last year Avis had already acquired Maggiore Group, Italy�s fourth-largest vehicle rental business. The acquisition does not affect Avis Budget Group�s previously announced intention to repurchase $350 to $400 million of its stock in 2016.

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