NEW YORK (CNNMoney)
The companies said Wednesday that Avis (CAR, Fortune 500) has agreed to buy Zipcar (ZIP) for about $500 million, or $12.25 per share in cash, which is nearly 50% above the closing price of Monday.
Zipcar's stock surged in premarket trading to match Avis' valuation.
Avis said that it plans to use its fleet of rental cars to beef up Zipcar for its weekend demand, "which is currently constrained by fleet availability."
As a "car sharing" company, Zipcar operates under a slightly different model, appealing to customers who would rather rent a car by the hour, instead of by the day, though it offers services for both. Avis and Budget offer rentals on a daily or weekly basis.
The deal requires final approval from Zipcar shareholders. Avis and Zipcar expect the deal to be completed in the spring.
Citigroup (C, Fortune 500) is the financial adviser for Avis. Morgan Stanley (MS, Fortune 500) is the financial adviser to Zipcar.
First Published: January 2, 2013: 7:08 AM ET
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