Fleet News

Avis plans return to UK stock market

AVIS Europe has announced its intention to return to the London Stock Exchange after an absence of eight years. The flotation is expected to value Europe's largest car hire company at £700 million, and should raise £250 million of new funds, which Avis will use in part to repay debt and invest in its rental business.

The company has a 2,400 strong network of wholly-owned and franchised operations in 96 countries throughout Europe, Africa and the Middle East, and has business programmes with 375 of the top 500 European companies.

Belgian vehicle distribution company D'Ieteren owns 77.1% of Avis Europe, and will remain a majority shareholder. But Avis Europe will sever its links with US based rental operator Avis Inc, purchasing the latter's 8.7% stake prior to flotation. It will retain the right to use the Avis name in both Europe and Asia for at least the next 40 years.

Avis Europe will also buy out General Motor's 14.2% shareholding, but new long term fleet supply and marketing agreements will ensure the continuation of the two companies' long standing commercial relationships.

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