The transaction is expected to be completed in early 2012, and builds on Zipcar's initial equity investment in Avancar in December 2009. With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60 per cent.
"We expect Barcelona to be a top tier car sharing city in the years to come and a key part of our developing network of European cities,” said Scott Griffith, Chairman and CEO of Zipcar. “With the integration of our acquired UK operations completed, we have shifted our focus to expanding our European reach. Overall car sharing adoption remains strong, and we look forward to entering new markets in both Europe and North America while also continuing to drive member growth and usage in existing metro areas and universities.”
Avancar Carsharing was the first car sharing operator in Spain, and has been offering cars per hour or per day in Barcelona and its metropolitan area since 2005. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles. The service is available 24 hours a day, 365 days per year, allowing reservations to be made online or by telephone up to five minutes before the start of one's trip.
