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Avis Budget Group To Acquire Apex Car Rentals - Quick Facts

Avis Budget Group Inc.(CAR) Wednesday said that it agreed to acquire Apex Car Rentals. As per the purchase agreement, Avis Budget will acquire the assets of Apex in exchange for approximately US$29 million in cash, plus the book value of Apex' rental fleet and potential earn-out payments based on Apex' future financial performance.

The acquisition is scheduled to close in October 2012, subject to customary closing conditions.

Apex Car Rentals was founded in 1992 and has traditionally served value-oriented leisure travelers. Apex Car Rentals is New Zealand's largest independently owned car rental company and offers a comprehensive fleet of more than 4,000 rental cars through locations in New Zealand and Australia, including locations serving New Zealand's major airports.

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