Zipcar to Be Acquired by Avis

January 2, 2013

6:42 pm

Zipcar, the popular car sharing service founded by Robin Chase, is getting acquired by Avis Budget Group. Avis has agreed to purchase the company for $12.25 per share, totalling around $500 million. Steve Case, who was one of the earliest investors, holds a 20 percent stake in the car sharing company and will make nearly $100 million on the deal. Source: Zipcar.

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Frank Gruber is the founder, CEO and Executive Editor of Tech Cocktail. He is an entrepreneur and new media journalist focused on sharing his tech product expertise and analysis on emerging technologies. Previously he built products for millions of users while at AOL and Tribune Company. He is a startup advisor and investor. He is the author of the book, Startup Mixology, Tech Cocktail’s Guide to Building, Growing, and Celebrating Startup Success. Find Frank Gruber online and follow him on Twitter at @FrankGruber.

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