Avis Budget Group Inc. (Nasdaq: CAR) agreed to buy car-sharing company Zipcar Inc. (Nasdaq: ZIP) for $500 million in cash.

The Parsippany, N.J.-based buyer offered Zipcar $12.25 a share—a premium of 49 percent over the target’s closing stock price of $8.24 at the end of 2012. Zipcar rents out vehicles by the hour or the day.

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