Avis Budget Group Acquires Its Avis Licensee in Poland
November 16 2015 - 10:00AM
Avis Budget Group, Inc. (NASDAQ:CAR), a leading provider of vehicle
rental services, announced today that it has completed the
acquisition of its licensee in Poland, which operates the Avis Car
Rental brand at more than 50 locations including in Gdansk, Krakow
and Warsaw.
“Poland is a growing market for both business and
leisure travelers, and this tuck-in transaction will further expand
our footprint of directly operated territories in Europe,” said
Ronald L. Nelson, Avis Budget Group chairman and chief executive
officer.
The acquisition price was approximately $25
million, plus the cost of acquired fleet, and the acquired business
is expected to add more than $20 million of annual
revenue.
About Avis Budget GroupAvis Budget
Group, Inc. is a leading global provider of vehicle rental
services, both through its Avis and Budget brands, with more than
10,000 rental locations in approximately 175 countries around the
world, and through its Zipcar brand, which is the world’s leading
car sharing network, with more than 950,000 members. Avis Budget
Group operates most of its car rental offices in North America,
Europe and Australia directly, and operates primarily through
licensees in other parts of the world. Avis Budget Group has
approximately 30,000 employees and is headquartered in Parsippany,
N.J. For more information,
visit www.avisbudgetgroup.com.
Forward-Looking StatementsCertain
statements in this press release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by or that otherwise
include the words “believes,” “expects,” “anticipates,” “intends,”
“projects,” “estimates,” “plans,” “may increase,” “may fluctuate,”
“will,” “should,” “would,” “may” and “could” or similar words or
expressions are generally forward-looking in nature and not
historical facts. Any statements that refer to outlook,
expectations or other characterizations of future events,
circumstances or results, including all statements related to the
timing, occurrence, financing, synergies or future results of the
acquisition of the Avis licensee for Poland, are also
forward-looking statements. Important risks, assumptions and other
important factors that could cause future results to differ
materially from those expressed in the forward-looking statements
are specified in Avis Budget Group’s Annual Report on Form 10-K for
the year ended December 31, 2014, its Current Report on Form 8-K
filed May 6, 2015 and its Quarterly Report on Form 10-Q for the
three months ended September 30, 2015, included under headings such
as “Forward-Looking Statements,” “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and in other filings and furnishings made by the
Company with the Securities and Exchange Commission from time to
time. The Company undertakes no obligation to release publicly any
revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events.
Contacts
Media Contact:
John Barrows
(973) 496-7865
PR@avisbudget.com
Investor Contact:
Neal Goldner
(973) 496-5086
IR@avisbudget.com
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