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Avis nears Budget deal

AVIS
Europe is expected to announce this week its acquisition of the Budget
trademark and name within Europe, the Middle East and Africa.

The
company has confirmed it is in discussions to buy selected Budget assets and
would keep brands separate should the deal go ahead.

The
deal will also include Budget’s existing licensee agreements and loyalty
streams in the EMEA region.

Budget
Rent a Car International, based in the US, filed for Chapter 11 bankruptcy
protection in July 2002, blaming September 11 and the continuing recession in
the travel industry.

Avis
parent Cendant Corporation bought Budget’s operations in the Americas, the
Caribbean, Australia and New Zealand for $110 million in November 2002.

 

 

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