Avis Budget Group completes acquisition of its Avis and Budget licenseeStaff writer ▼ | January 30, 2015
Avis Budget Group, Inc. has completed its previously announced acquisition of its licensee for the Avis and Budget brands in Norway, Sweden and Denmark.
Acquisition Norway, Sweden and Denmark
In December 2014, Avis Budget Group has agreed to acquire its licensee for the Avis and Budget brands in Norway, Sweden and Denmark for approximately $50 million.
The acquisition is expected to add more than $100 million of annual revenue and approximately $10 million of Adjusted EBITDA to Avis Budget Group, after synergies and in addition to the royalties that the licensee was paying to Avis Budget Group. The acquisition is scheduled to close in first quarter 2015, subject to customary closing conditions. ■