Zipcar Completes Additional Investment in Barcelona-Based Avancar to Become Majority Shareholder
Zipcar, Inc. (Nasdaq: ZIP) today announced the completion of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing S.A., known as Avancar. With this transaction completed, Zipcar is now the majority shareholder for the company with a controlling stake of more than 60 percent. This deal builds on Zipcar's initial equity investment in Avancar which was announced in December 2009.
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