The buyer will pay USD29m (EUR23m) in cash, plus the book value of Apex s rental fleet consisting of over 4,000 rental cars. The deal also includes potential earn-out payments, depending on Apex future financial performance.
The target, set up in 1992, operates through locations in New Zealand as well as in Australia, including locations serving New Zealand s major airports. It is considered to be the largest independently owned car rental company in New Zealand, the buyer said.
The deal is in line with the company s objective to widen its global presence. Through the purchase, Apex will further enhance its existing position in Australia and New Zealand and will be able to better meet the vehicle rental needs in the region, Avis Budget said.
Under the terms of the agreement, Apex founder and chief executive Phil Lennon will continue to serve in the Apex management team after the completion of the deal, which is due in October, biloxi mississippi hotels subject to customary closing conditions.
Avis Budget, based in Parsippany, New Jersey, has 10,000 rental locations in some 175 countries around the world. biloxi mississippi hotels It operates most of its car rental offices in North America, Europe, Australia and New Zealand directly, and operates its other international locations mainly through licensees.
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