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Vehicle rental service provider, Avis Budget Group Inc. ( CAR - Analyst Report ) is on track to strategically expand its global connections, looking for lucrative buy-out opportunities in markets where it enjoys substantial special airline ticket commuting sarasota exposure. The company has agreed to acquire New Zealand s leading car rental company, special airline ticket commuting sarasota Apex Car Rentals, facilitating the enlargement of its already strong footprint in New Zealand and Australia.
Per the deal, Avis Budget has agreed to pay nearly US$29 million in cash, in addition to Apex s rental fleet book value and potential earn-out payments based on the latter s future financial performance. The company expects to close the acquisition in October 2012, pending the satisfaction of customary closing conditions.
Based in Christchurch, New Zealand, Apex is a large independent car rental company, offering special airline ticket commuting sarasota its colossal fleet services across New Zealand and Australia. The company commands special airline ticket commuting sarasota a fleet size of more than 4,000 rental cars, plying across all the locations in New Zealand and Australia, including the major airports. The company has made a mark in the market since its inception in 1992 by traditionally serving value-oriented leisure travelers.
With the acquisition of this large local car operator along with its portfolio of brands, special airline ticket commuting sarasota Avis expects to capitalize on various opportunities to satisfy the car rental needs of all visitors and residents in New Zealand and Australia.
Avis follows a core global strategy of partnering with leading travel brands special airline ticket commuting sarasota to expand its customer reach while creating additional demand. The company recently made its first appearance in Taiwan, in an effort to expand its Asian operations.
Avis Budget s decision special airline ticket commuting sarasota to enter Taiwan is backed by growing car rental demand on the island special airline ticket commuting sarasota as well as its speeding economic growth. Moreover, in order to expand its geographical presence, the company is proactively looking for strategic acquisitions and alliances to bolster its growth opportunities.
The company, which competes with established industry players, such as Hertz Global Holdings Inc. ( HTZ - Snapshot Report ), Enterprise Rent-A-Car, Dollar Thrifty Automotive Group Inc. ( DTG - Snapshot Report ) and Ryder System Inc. ( R - Analyst Report ), maintains a Zacks #3 Rank, implying a short-term Hold rating. However, we are maintaining a long-term Outperform recommendation on the stock.
Zacks Investment Research is one of the most highly regarded firms in the investment industry. The guiding principle behind our work is that there must be a good reason for brokerage firms to spend billions of dollars a year on stock research. Obviously, these investment experts know something special that may be indicative of the future direction of stock prices. From day one, we were determined special airline ticket commuting sarasota to unlock that secret knowledge and make it available to our clients to help them improve their investment results.