Car sharing network Zipcar Inc. (ZIP), said Thursday that its stockholders approved the acquisition of the company by Avis Budget Group Inc. (CAR).
About 98% of the shares voted in favor of the adoption of the merger agreement, representing about 72% of Zipcar's outstanding shares of common stock.
The companies expect to complete the deal during the week of March 11, subject to review by UK competition authorities and other customary conditions. The deal earlier received regulatory clearance in the US.
In January, Avis agreed to acquire Zipcar for $12.25 per share in cash, representing a total transaction value of about $500 million.
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