Avis Budget Group Inc. (Nasdaq: CAR) has closed a $160 million deal for Maggiore Group, a car rental business in Italy.
Rome-based Maggiore has more than 140 vehicle-rental locations in Italy. Avis agreed to buy the business in early March, and says the deal makes it the largest car-rental business in Italy.
Headquartered in Parsippany, New Jersey, Avis provides services through the Avis and Budget brands and boasts 10,000 rental locations in about 175 countries.
Avis is no stranger to acquisitions - the company also owns car-sharing network Zipcar, which it bought in January 2013. That same year, Avis also bought Payless Car Rental System Inc.
There have been many car-related transactions recently, as sales of new and used cars have risen worldwide. In another cross-border and vehicle-related transaction, Bain Capital-backed Apex Tool Group LLC bought Shanghai Yecen Auto Technology Ltd., which makes wheel aligners and automotive lift products. In January, Hot Rod Brands agreed to buy car parts manufacturer Accel Performance Group.