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Vehicle rental giant Avis Budget Group has agreed to acquire car-sharing expert Zipcar in a deal worth $500m (£307m) that's expected to be finalised in the spring.
Zipcar has more than 760,000 members across 20 metropolitan areas in the US, Canada and Europe, and the car-sharing industry in the US alone is now worth $400m.
"By combining with Zipcar, we will significantly increase our growth potential, both in the US and internationally, and will position our company to better serve a variety of consumer and commercial transportation needs," said Avis Budget Group chief executive Ronald L Nelson.
"We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company."
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