Avis Budget To Acquire Its Licensee In Norway, Sweden And Denmark - Quick Facts

(RTTNews) - Avis Budget Group Inc. (CAR) announced it has agreed to acquire its licensee for the Avis and Budget brands in Norway, Sweden and Denmark for approximately $50 million. The company said the licensee being acquired operates both the Avis and Budget brands at major locations throughout the region including Oslo, Stockholm, Copenhagen and Sweden's Arlanda and Goteberg airports.

Avis Budget expects the acquisition to add more than $100 million of annual revenue and approximately $10 million of adjusted EBITDA to the Group, after synergies and in addition to the royalties that the licensee was paying to Avis Budget Group.