Zipcar to become part of Avis Budget Group

NEW YORK (CNNMoney)

Avis (CAR, Fortune 500) agreed to buy Zipcar (ZIP) for $12.25 per share in cash, which is nearly 50% above the closing price of Monday.

Zipcar's stock jumped more than 6% in premarket trading, but at less than $9 per share it still fell short of Avis' valuation.

The deal requires final approval from Zipcar shareholders. Avis and Zipcar expect the deal to be completed in the spring.

Citigroup (C, Fortune 500) is the financial adviser for Avis. Morgan Stanley (MS, Fortune 500) is the financial adviser to Zipcar, which would operate as a subsidiary of Avis.

First Published: January 2, 2013: 7:08 AM ET

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