Avis Budget Group Becomes The Leading Car Rental Company In The World

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Unites Company With Licensee for Europe, Asia, The Middle East & Africa - Announces Management Re-Alignment with Acquisition of Avis Europe Plc

Delhi , New Delhi, India., November 13, 2011 - (PressReleasePoint) -Avis Budget Group, Inc. which recently announced the acquisition of Avis Europe  plc uniting the company with its Licensee for Europe, Asia, the Middle East &  Africa has become one of the largest publicly traded rental-car business in the world, with over 10,000 branded rental locations in approximately 175 countries.
 
\With this acquisition Avis India, the leading international car rental brand in India, which was earlier part of the Avis Europe, also becomes part of the Avis Budget Group, the leading car rental company in the world. 
 
The Avis Budget Group’s management re – alignment, among other changes, has also made Patric Siniscalchi as President, Latin America/Australasia, overseeing the Avis and Budget car rental businesses in the Caribbean, Central and South America, Asia, Australia and New Zealand. Mr. Siniscalchi, who was previously Executive Vice President, International Operations, Avis Budget Group, will add the Asia operations of Avis Europe to his responsibilities in these territories.
 
Mr. Siniscalchi will continue to be based in Avis Budget Group’s World Headquarters in Parsippany, N.J. and will continue to report directly to Mr. Ronald L. Nelson, Chairman and Chief Executive Officer, Avis Budget Group.
 
"This transaction positions us well to capture incremental growth in global travel and will enable us to more effectively serve our customers worldwide." said Mr Nelson speaking about the acquisition. 
 
Prior to the completion of the acquisition, Avis Europe had been an independently-owned licensee of Avis Budget Group, operating the Avis brand in Europe, the Middle East, Africa and Asia since 1986.
 
Avis Europe was spun off from Avis in 1986 and taken public on the London exchange, while continuing to use the Avis brand. It was then taken private again in 1989, acquired by GE Capital Services in 1992 and floated again on the London Exchange in 1997.
 
The equity purchase price of approximately $1.0 billion and the repayment of certain Avis Europe debt obligations are being funded through a combination of existing cash and incremental borrowings, and the acquisition is expected to be accretive to Avis Budget's earnings per share, excluding any integration and other one-time costs and the non-cash effects of purchase accounting.
 
About Avis India
India's leading car rental provider Avis India is a joint venture between the Oberoi Group & the Avis Budget Group. It has a fleet of more than 1400 premium cars across India. With a network extending across 39 conveniently located rental stations in 18 cities and a volume of more than 1600 car rental bookings per day, the company in India has an annual turnover of USD $ 20 million. For further information please visit www.avis.co.in
 
About The Oberoi Group
The Oberoi Group, founded in 1934, operates 28 hotels and three cruisers in five countries under the luxury ‘Oberoi’ and five-star ‘Trident’ brands. The Group is also engaged in flight catering, airport restaurants, travel and tour services, car rentals, project management and corporate air charters.
 
About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of vehicle rental services through its Avis and Budget brands, with over 10,000 rental locations in approximately 175 countries around the world following the acquisition of Avis Europe. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 27,000 employees and is headquartered in Parsippany, N.J. For more information, visit www.avisbudgetgroup.com