Zipcar Sold to Avis Budget for $500 Million

Avis Budget Group reached a deal on Jan. 2 to purchase car-sharing company Zipcar for $500 million.

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Zipcar Sold to Avis Budget for $500 Million — A Zipcar-owned Mini Cooper is seen driving past the Palace of Westminster in London, England. On Jan. 2, Zipcar was acquired in a $500 million deal by car rental giant Avis Budget. Scott Barbour/Getty Images

1/3/2013Updated: 10/1/2015

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The deal will generate a $96 million windfall for investor and AOL founder Steve Case, whose company Revolution owned roughly 19 percent of Zipcar as of Aug. 31, 2012.

Zipcar currently has 760,000 members, or Zipsters, as the company calls them. The board of the company has approved the deal, and as of Wednesday, it appears that there is enough shareholder support for the merger.

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