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Piraeus Bank says Avis car-rental will be sold to Avis Budget Group for 80.6m euros

Piraeus Bank
Europe   Piraeus had agreed to sell Avis car-rental

Piraeus Bank said that its wholly-owned subsidiary Olympic Commercial and Tourist Enterprises, the holder of the domestic Avis car-rental franchise, will be sold to Avis Budget Group and not to the consortium comprised of Olympia Group and Virtus International Partners.


Piraeus said that Avis Budget Group has indicated its intention to designate as the ultimate purchaser of Olympic a special purpose company, having as sole shareholders Avis Europe Holdings and an Otokoc Group company with which the Avis Budget Group maintains a longstanding cooperation in many countries.

Piraeus had agreed to sell Avis car-rental for a cash consideration of 80.6 million euros.

 

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