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Avis Budget Group completes acquisition of its Avis and Budget licensee

Staff 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.
Avis Budget Group
Acquisition   Norway, Sweden and Denmark
The licensee acquired operates both the Avis and Budget brands at major locations throughout the region including Oslo, Stockholm, Copenhagen and Sweden's Arlanda and Goteberg airports. The purchase price of approximately $50 million was funded with available cash.

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.


 

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