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Avis Europe

Avis Europe, the car hire group, has agreed to be acquired by Avis Budget of the US for £636m.

Avis Europe is to raise £110m in a share issue, in order to expand its car rental fleet and fund a restructuring programme.

Avis Europe is to acquire car rental operations in Europe, Africa and the Middle East from Budget International for £12m.

Avis Europe is planning to set up a network of car hire centres across China over the next five years.

Avis Europe is acquiring 3 Arrows, the provider of replacement cars for people involved in non-fault car accidents, for £40m.