Avis Europe plc Shareholders Vote Overwhelmingly to Approve Acquisition by Avis Budget Group

Avis Budget Group, Inc. CAR today announced that shareholders of Avis Europe plc have voted overwhelmingly to approve Avis Budget Group's proposed acquisition of Avis Europe. The acquisition is expected to close in early October, subject to regulatory clearances and final court approvals. Avis Budget Group also announced today that its lenders have approved an amendment of the Company's principal credit facility that will allow it to acquire Avis Europe as an indirect subsidiary of its existing operating subsidiary, Avis Budget Car Rental, LLC. Based on current market conditions, this amendment is expected to allow the Company to access lower-cost financing for the acquisition and to permit the Company to complete the acquisition of Avis Europe without issuing any equity securities. "We are pleased to be making progress on all fronts toward our planned acquisition of Avis Europe," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "The approval of the transaction by Avis Europe shareholders is a key milestone, and we are moving forward expeditiously on our financing strategies and integration planning. Our expectation that we will be able to finance the acquisition without issuing equity further enhances the attractiveness of the transaction from a financial perspective."