BRUSSELS -- Avis Europe, Europe's largest car rental company, said
it will buy the license agreements of Budget International,
including the right to use the Budget trademark and name throughout
Europe, the Middle East and Africa.
Avis Europe, which pays Cendant to use the Avis brand, would
spend $20 million to acquire the portion of Budget that Cendant did
not want when it bought Budget last year.
Following Avis Europe's buy, which is expected to be finalized
by the end of February, Budget would continue as a separate brand
in these regions.
Budget operates primarily through franchise agreements in
Europe, the Middle East and Africa, with some 1,000 locations.
In Europe, Budget controls just 2% of the car rental market.