POST Online Media Lite Edition


Avis Budget Group to buy Avis and Budget licensee for Norway, Sweden and Denmark

Staff writer |
Avis Budget Group has agreed to acquire its licensee for the Avis and Budget brands in Norway, Sweden and Denmark for approximately $50 million.

Article continues below

The licensee being acquired operates both the Avis and Budget brands at major locations throughout the region including Oslo, Stockholm, Copenhagen and Sweden's Arlanda and Goteberg airports.

"The Scandinavian territory represents one of our larger licensee acquisition opportunities and is consistent with our core strategic initiative of expanding our global footprint," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "Along with the United Kingdom, it will be managed as part of a newly formed Northern unit within the EMEA region."

The acquisition is expected to add more than $100 million of annual revenue and approximately $10 million of Adjusted EBITDA to Avis Budget Group, after synergies and in addition to the royalties that the licensee was paying to Avis Budget Group. The acquisition is scheduled to close in first quarter 2015, subject to customary closing conditions.

What to read next

Avis Budget Group acquires its Avis licensee in Poland
Avis Budget Group to hire 1,500 employees on June 22
Avis Budget Group acquires 100% ownership of its licensee in Brazil