Avis Budget Group becomes the leading Car Rental Company in the World

Company Brief

New Delhi, November 8, 2011

Avis Budget Group, Inc. which recently announced the acquisition of Avis Europe plc uniting the company with its Licensee for Europe, Asia, the Middle East & Africa has become one of the largest publicly traded rental-car business in the world, with over 10,000 branded rental locations in approximately 175 countries.

With this acquisition Avis India, the leading international car rental brand in India, which was earlier part of the Avis Europe, also becomes part of the Avis Budget Group, the leading car rental company in the world.

The Avis Budget Group’s management re – alignment, among other changes, has also made Patric Siniscalchi as President, Latin America/Australasia, overseeing the Avis and Budget car rental businesses in the Caribbean, Central and South America, Asia, Australia and New Zealand. Mr. Siniscalchi, who was previously Executive Vice President, International Operations, Avis Budget Group, will add the Asia operations of Avis Europe to his responsibilities in these territories.

Mr. Siniscalchi will continue to be based in Avis Budget Group’s World Headquarters in Parsippany, N.J. and will continue to report directly to Mr. Ronald L. Nelson, Chairman and Chief Executive Officer, Avis Budget Group.

"This transaction positions us well to capture incremental growth in global travel and will enable us to more effectively serve our customers worldwide." said Mr Nelson speaking about the acquisition.

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.

Avis Europe was spun off from Avis in 1986 and taken public on the London exchange, while continuing to use the Avis brand. It was then taken private again in 1989, acquired by GE Capital Services in 1992 and floated again on the London Exchange in 1997.

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.

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