DGAP-News: Avis Budget Group Completes Acquisition of Avis Europe Plc

Avis Budget Group, Inc.

03.10.2011 16:18
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Transaction Re-Unites Avis Budget Group With Its Licensee for Europe, the
Middle East, Africa and Asia

PARSIPPANY, N.J. and LONDON, 2011-10-03 16:18 CEST (GLOBE NEWSWIRE) —
Avis Budget Group, Inc. (Nasdaq:CAR) announced today that it has completed its
previously announced acquisition of Avis Europe plc. The combined company is
now one of the largest vehicle rental companies in the world, with branded
rental locations in approximately 175 countries.

–We are thrilled to be closing our acquisition of Avis Europe and re-uniting
the Avis and Budget brands globally,– said Ronald L. Nelson, Avis Budget Group
Chairman and Chief Executive Officer. –This transaction positions us well to
capture incremental growth in global travel and will enable us to more
effectively serve our customers worldwide.–

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. 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 Budget Group

Avis Budget Group, Inc. is a leading global provider of vehicle rental services
through its Avis and Budget brands, with 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.

The Avis Budget Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8891

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on Avis Budget–s current plans, estimates and
expectations, and include statements about expected synergies and benefits of
Avis Budget–s acquisition of Avis Europe and future expected accretion to
earnings. There are a number of risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements made herein.
These risks and uncertainties include Avis Budget–s ability to realize the
synergies contemplated by the transaction, the incremental borrowings
contemplated by the transaction and Avis Budget–s ability to promptly and
effectively integrate the businesses of Avis Europe and Avis Budget. In
addition, investors should take into consideration those risks and
uncertainties discussed in Avis Budget–s Annual Report on Form 10-K for the
fiscal year ended December 31, 2010 and Quarterly Report for the quarterly
period ended June 30, 2011, including under headings such as –Forward-Looking
Statements–, –Risk Factors– and –Management–s Discussion and Analysis of
Financial Condition and Results of Operations,– and other factors discussed in
Avis Budget–s filings and furnishings with the SEC. Investors and security
holders are cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this press release. Avis Budget
does not undertake any obligation to update its forward-looking statements to
reflect events or circumstances after the date of this press release.

CONTACT: Media Contact:
John Barrows
(973) 496-7865
PR@avisbudget.com

Investor Contact:
Neal Goldner
(973) 496-5086
IR@avisbudget.com
News Source: NASDAQ OMX

03.10.2011 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP–s Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Avis Budget Group, Inc.

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End of Announcement DGAP News-Service

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