Avis Budget Group Completes Acquisition of Maggiore Group

PARSIPPANY, N.J., April 9, 2015 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. CAR, a leading provider of vehicle rental services, announced today that it has completed its previously announced acquisition of Maggiore Group, Italy's fourth-largest vehicle rental business. Operating through a network of more than 140 locations, Maggiore is the largest independent vehicle rental operator in Italy. The net purchase price of approximately $160 million was funded with incremental corporate borrowings and available cash.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, with more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than 900,000 members. 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 30,000 employees and is headquartered in Parsippany, N.J. For more information, visit www.avisbudgetgroup.com.