Avis to buy Christchurch-based Apex Car Rentals for US$29M cash plus fleet

Thu, 06 Sep 2012

By Paul McBeth Sept. 6 (BusinessDesk) - Avis Budget Group, which operates the global Avis and Budget car rental brands, has agreed to buy Christchurch-based Apex Car Rentals for US$29 million cash plus the book value of its 4,000-strong fleet. New Jersey-based Avis expects to settle the deal next month, subject to customary closing conditions, it said in a statement. Apex also stands to receive earn-out payments if certain financial targets are met from the trans-Tasman operation. "This transaction represents another step in our strategic...

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