Avis Budget’s move to acquire its European counterpart for £636 million has taken a step forward.
Avis Europe shareholders approved the takeover, which was announced in June, at two special meetings yesterday.
Trading in shares in Avis Europe are expected to be cancelled on the London Stock Exchange on October 7.
The deal – which reunites the two parts of the Avis business after 25 years – will leave the combined organisation with revenues of $7 billion and a presence in 150 countries, and offer Avis Budget an increased profile in growing international markets such as China and India.