Avis Budget Group Inc. has announced its intent to buy Zipcar Inc, the world’s leading car sharing network, for around $500 million, expanding on their existing car rental services. Avis will pay $12.25 per share, which is a 49 percent premium to Zipcar’s Friday closing price. If Zipcar shareholders approve it, the sale is expected to go through in the spring.
Car sharing has become a popular alternative to owning or renting a car—it’s cheaper and more convenient, not to mention greener. Zipcar and other such services have been successful in significantly reducing the number of vehicles on the road, reportedly by up to 15 personal vehicles for each car sharing vehicle. Zipcar, one of the world’s largest car sharing services, was founded in 2000 and has more than 760.000 members.
“By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our company to better serve a greater variety of consumer and commercial transportation needs,” said Avis CEO Ronald Nelson in a statement.
Upon the sale, Zipcar Inc. will become an Avis subsidiary and have headquarters in Boston. Scott W. Griffith, Zipcar’s chief executive, and Mark D. Norman, its president and chief operating officer, are expected to stay on.
The group wants to accelerate the growth of Zipcar by putting more cars in more locations and adopt some of Zipcar’s technology for the Avis and Budget brands. According to Avis, the addition of the company’s fleet to the car sharing service could meet more of Zipcar’s heavy weekend demand.
Via CBS News
- 30 Comments >
- 1 Comments >
- 94 Comments >
12 Comments >
FDA finds majority of herbal supplements at GNC, Walmart, Walgreens, and Target don't contain what they claim - instead cheap fillers like wheat and soy powder
183 Comments >
19-Year-Old Develops Ocean Cleanup Array That Could Remove 7,250,000 Tons Of Plastic From the World's Oceans
- 118 Comments >
- 30 Comments >
- 39 Comments >
- 2002 Comments >
411 Comments >
BACK TO SCHOOL GIVEAWAY: Enter to Win a HP Pavilion dv6 Laptop and Green Prize Package (Worth $1155!)
- 391 Comments >
- 366 Comments >
- 351 Comments >
284 Comments >
LAST CHANCE: Enter to Win a Voltaic Laptop-Charging Solar Backpack Filled With Green School Supplies (Worth $500)!
281 Comments >
GIVEAWAY: Enter to Win a Sloan AQUS Grey Water Toilet System That Recycles Your Sink Water (Worth $189)!
- 247 Comments >
240 Comments >
LAST CHANCE: Enter Inhabitat's Back To School Contest to Win $250+ of Green Goodies Including a Voltaic Solar Backpack (Worth $129)
- 229 Comments >
- 221 Comments >
- 187 Comments >
WINDOWHOP It's easy to get depressed when your work schedule has you getting less sun than Edward Cullen (you've got the sickly pallor to match and it's not nearly as sexy on you). If you're lucky enough to at least have a window in your workspace, openREAD MORE >
Cutting back on your energy usage is one of the best ways to bring down your electricity bill. But did you know that making simple changes to not just your wattage consumption but the way your home retains and expels air can dramatically transform the wayREAD MORE >
Did you know that there are wolves living near you in almost every state in the country? Sadly most of these wolves are not living in the wild, but in wolf sanctuaries, which are conservation organizations set up to protect them and help grow their populationREAD MORE >
Namba Parks was conceived when Osaka Stadium closed down, presenting a great redevelopment opportunity for a new commercial district right next to the Namba Train Station, which is just one stop away from Kansai Airport. Since it's one of the first placesREAD MORE >
Top image: A child is put to work at a militia-run mine in Watsa. © Marcus Bleasdale/National Geographic Captured during a 2004 visit to the war-torn Democratic Republic of Congo, Bleasdale's images "tell the story of the country's mineral resourceREAD MORE >
You've all heard the tired mantras about changing your lightbulbs and recycling at home in order to save the planet - are you yawning yet? Many consumers think that going green is a gesture of self-sacrifice that often comes at great expense and inconvenienceREAD MORE >
BANANAS You might have heard that bananas are favored by athletes because they contain potassium and it's that same reason that makes them great hangover cures. When you're hungover, your body has lost a lot of potassium that needs to be replenished, so eatingREAD MORE >
Images © Graham King “The shopping cart tree symbolizes both generosity and abundance, as well as acknowledging those less fortunate where their whole world may be housed in a cart. We see shopping carts every day and take them for granted. IndividuallyREAD MORE >
TIP 1: Wrap Your Home in Insulation - "The More, The Better!" Proper insulation is probably the most important factor you can control in creating an energy-efficient home. I always say insulation is like chocolate, the more you have, the better! On average,READ MORE >
While conjuring up comfort in the home seems like a basic principle, it’s a far more complex process for architect & remodeling guru Sarah Susanka, who believes that comfort can significantly influence the sustainability of your personal abode. WithREAD MORE >
Two architects, Jos Burger and Wouter Keijzer of BK. Architecten, in charge of the renovation of the old church decided to preserve the atmosphere of the existing place with a spatial intervention that preserves its historical value. The three new floors wereREAD MORE >
For centuries, the Dutch have manipulated the landscape to move water away from their dwellings. Instead of battling the elements, Netherlands-based firm Waterstudio just announced plans to construct the world's first floating apartment complex in 2014! TheREAD MORE >