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Cendant to buy Budget for $107.5m
Car rental giants Avis and Budget are to join forces after Avis’ parent Cendant announced it was buying its rival for $107.5m in cash.
Cendant said it will acquire Budget’s operations in the US, Canada, Australia, New Zealand and Latin America, but is seeking another buyer for Budget’s operations in Europe, the Middle East and Africa.
As part of the deal, Cendant is assuming about $2.7bn in vehicle-related debt.
Following the acquisition, which is expected to be completed in the fourth quarter, Budget will continue to operate as a separate and independent brand.
Cendant chairman Henry Silverman said: “Beyond the clear cost efficiencies of combining overhead and administrative functions of Avis and Budget, adding the Budget brand will allow us to reach value-conscious travellers more effectively through our timeshare, travel services and online booking channels.”
Cendant said it did not anticipate changes in Budget’s management or workforce.
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