NEW YORK -- As expected, Cendant Corp., which owns Avis, completed
its acquisition of substantially all the assets of Budget Group
Inc. for between $500 million and $600 million, plus non-recourse
vehicle debt of approximately $2.5 billion.
In a statement issued on Nov. 22, Cendant said the acquisition
includes Budget operations and franchised locations in the
Americas, Caribbean, Australia and New Zealand, plus rights to
franchise and operate in Asia.
The transaction does not include Budget Group's Europe, Middle
East and Africa operations and franchises. Cendant said it will
operate Avis and Budget as separate brands.