U.S. Markets closed

Avis Budget Group Completes Transaction to Operate Budget in Poland

 

 

BRACKNELL, England, April 10, 2017 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (CAR), a leading global provider of vehicle rental services, today announced the completion of a transaction that will allow the Company to operate the Budget brand in Poland directly and to expand its presence in the Polish market.

Prior to the transaction, the Budget brand had been operated in Poland by a third-party licensee since 1990.  Avis Budget Group had previously acquired its Avis licensee in Poland in November 2015.

The transaction affirms Avis Budget Group`s commitment to the fast-growing Central European markets, further increasing its ability to serve commercial and leisure customers there. The transaction will add more than 300 vehicles to the Avis Budget Group fleet and seven airport rental locations, including Warsaw, Krakow and Gdansk.  

Mark Servodidio, President, International, Avis Budget Group, said, "We`re excited to announce this transaction.  Managing both the Avis and Budget operations in Poland will enable us to drive synergies in the business as well as accelerate the enhancements to the customer experience that our licensee partner has supported for a number of years."

Terms of the transaction were not disclosed.

About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of vehicle rental services through its Avis and Budget brands, with more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world`s leading car sharing network, with more than one million 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.

Contacts Media Contact: Alice Pereira (973) 496-3916 PR@avisbudget.com

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


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avis Budget Group, Inc. via GlobeNewswire

HUG#2095327