Heads-Up Zipsters: Avis Buying Zipcar for $500 Million

Not sure what this means for the very popular Zipcar car-sharing network, but here goes, from the press release today:

"Avis Budget Group, Inc. (Nasdaq:CAR) and Zipcar, Inc. (Nasdaq:ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. ... The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction.

Car- sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters, with a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses."

Here's a link to the full announcement.

For anyone asking, what the heck is Zipcar, here's some background.

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