Avis Budget Group Agrees To Acquire France Cars

(RTTNews) - Vehicle rental services provider Avis Budget Group, Inc. (CAR) Wednesday said it agreed to purchase privately held France Cars in France. The financial terms of the deal were not disclosed.

The acquisition will add 8,000 cars, vans and light trucks to the Avis Budget Group fleet and will also add more than 60 locations to the Company's rental network. France Cars generates vehicle rental revenues of approximately 60 million euors annually.

Mark Servodidio, President, International, Avis Budget Group, said, "We are committed to strengthening our presence in the local market, and this acquisition will complement our existing operations in the country."

Closing of the deal is expected to be completed prior to the end of 2016. This acquisition does not affect Avis Budget Group's previously announced intention to repurchase $350 to $400 million of its stock in 2016.