Cendant Corp. today completed its purchase of Budget Group, after pursuing the acquisition for several years.
The deal, which earlier this month was approved in a U.S. bankruptcy court, includes Budget's operations and franchises in the Americas, Caribbean, Australia and New Zealand, as well as the rights to operate and franchise in Asia.
"I worked on that transaction for six-and-a-half years to get to this point," said Cendant chief strategic officer Sam Katz, who added that Cendant saved more than $1 billion on the purchase price.
John Chidsey, chairman and CEO of Cendant's vehicle services division, confirmed that Cendant would pursue "operational efficiencies" through dual ownership of both Avis and Budget, while aligning the Budget brand with its hotel and travel distribution companies.
Katz expects the integration of the two companies, including streamlining technology platforms, to take 12 to 18 months.