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  • Avis Budget Group acquires Maggiore

    Mar 03, 2015, 13:03
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    Avis Budget Group has agreed to acquire Maggiore Group, Italy’s fourth-largest vehicle rental business. The net purchase price will be approximately $170 million, and the transaction is scheduled to close in second quarter 2015, subject to customary closing conditions.

    The acquisition is expected to add approximately $160 million of annual revenue and $30 million of Adjusted EBITDA to Avis Budget Group, once the two businesses have been fully integrated. The transaction will make Avis Budget Group the largest vehicle rental company in Italy.

    “Maggiore has an outstanding market presence in Italy for both car and van rentals, which makes the company an excellent addition to our existing operations there,” said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer.

    “We deliver the Maggiore Group into the solid hands of Avis Budget, content that the Maggiore brand will be developed and strengthened in the long term in the global market,” said Vittorio Maggiore, the group’s president.

    Following the acquisition, Avis Budget Group will launch a Budget-Maggiore dual-branding strategy intended to build on the strength of Maggiore in the Italian market and to accelerate the development of the Budget Car Rental brand. The combined company will continue to provide van rentals under Maggiore’s well-recognized AmicoBlu brand.

    Avis has operated in Italy since 1957, and Maggiore has operated in Italy since 1947. Operating through a network of more than 140 locations, Maggiore is the largest independent vehicle rental operator in Italy.

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