in a deal that "unifies Avis and Budget brands globally under single corporate ownership," according to a company statement. Avis Budget expects the purchase to close in October, subject to the necessary shareholder and regulatory requirements.
The deal likely ends Avis Budget's pursuit of the Dollar Thrifty Automotive Group, said one analyst. "While Avis Budget will continue to monitor the Dollar Thrifty situation," according to an Avis Budget statement, "the company's focus squarely will be on completing and integrating the significant acquisition of Avis Europe." Hertz last month
proposed to acquire Dollar Thriftyfor more than $2 billion, or $72 per share in cash and stock.