Fleet News

Avis in Budget buy-out

AVIS Europe is buying assets worth more than £12 million from its bankrupt US rival Budget International.

The deal will give Avis the right to use the Budget trademark and name throughout Europe, the Middle East and Africa. It is subject to approval by the US courts and also from administrators in France.

As well as paying more than £12 million cash, Avis is also paying a further £2.1 million to keep Budget running until the deal is concluded, which is expected to be by the end of February. A further amount will be paid for the French operation although this has yet to be finalised.

Avis plans to run Budget as a separate brand, supplying car rental for the budget-focused traveller.

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee