OREANDA-NEWS. Avis Budget Group, Inc. (NASDAQ:CAR), a leading provider of vehicle rental services, announced today that it has completed the acquisition of its licensee in Poland, which operates the Avis Car Rental brand at more than 50 locations including in Gdansk, Krakow and Warsaw.

"Poland is a growing market for both business and leisure travelers, and this tuck-in transaction will further expand our footprint of directly operated territories in Europe," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer.

The acquisition price was approximately $25 million, plus the cost of acquired fleet, and the acquired business is expected to add more than $20 million of annual revenue. 

Avis Budget Group, Inc. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, with more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than 950,000 members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J.