Business negotiations see Avis Budget acquire Avis Europe
It is the first time the two companies will be under the same banner in 25 years.
Merger and acquisition consultants may have been busy after US car hire company Avis Budget completed the acquisition of its European namesake in a deal that will be worth approximately £636 million.
Ronald Nelson, chairman and chief executive officer of Avis Budget, said the agreement presents the organisation with an "outstanding opportunity".
"[It] re-unites the global operation of the Avis and Budget brands under one corporate umbrella and is both financially and strategically compelling," he added.
Mr Nelson went on to state that thanks to the link-up, it will be possible to offer a more effective service for its customers.
He stated he does not expect there to be any major antitrust issues because the two groups do not currently operate in the same jurisdictions.
International business negotiations will have taken place throughout the process and the result is that the two companies come under the one banner for the first time in 25 years.
Posted by Edel Quinn