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Reports: Zipcar being purchased by Avis Budget Group for $500 million

Posted by Jack Pickell  January 2, 2013 06:27 AM

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There are multiple reports this morning that Zipcar Inc., the Cambridge-based vehicle sharing service that rents cars by the hour, is being purchased by the Avis Budget Group.

Reports by the Wall Street Journal, NBC News, and other outlets list the purchase price at $500 million.

We will have more on this story as details emerge.

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