The Avis Budget Group and Apex Car Rentals have announced that they have reached an agreement to sell Apex’s activities to the Avis Budget Group. The acquisition process is expected to be completed by October 2012.
Apex Car Rentals is New Zealand’s largest independent car rental company. Its fleet consists of more than 4,000 vehicles, spread throughout the country, but also in Australia. The company has a strong presence at New Zealand’s major airports.
The acquisition of Apex by Avis Budget will enable the group to expand its presence in Oceania, where the mobility provider is already becoming a leader.
Apex was created in 1992 with the objective of serving tourists looking for a cheap rental car. The Avis Budget Group will spend $29 million in cash, plus the value of the apex fleet on its balance sheet, as well as an amount that will depend on apex’s future financial performance.
Patric Siniscalchi, President of the Budget Opinion Group for Asia Oceania and Latin America
“This agreement will enable us to strengthen our presence in a market in which we already have solid experience, as well as to offer an even more diversified offer to our customers. »