PARSIPPANY, N.J., Jan. 4 /PRNewswire-FirstCall/ -- Avis Budget Group, Inc. CAR today announced that it has entered into a definitive agreement to acquire the operating rights for the Budget brand for the Newark, N.J. region, including Budget car rental operations at Newark Liberty International Airport. Terms of the transaction, which is scheduled to close in late January, were not disclosed.

"Upon completion of this acquisition, all of the Avis and Budget car rental operations at LaGuardia Airport, John F. Kennedy International Airport and Newark Liberty International Airport will be owned by Avis Budget Group," said Ronald L. Nelson, chairman and chief executive officer of Avis Budget Group, parent of Budget Rent A Car. "This will enhance the efficiency of our operations in the tri-state area."

The rights that Avis Budget Group is acquiring to rent cars and trucks under the Budget name in Newark have been licensed to a third party since 1971. The Budget operations in Newark generate annual revenues of approximately $20 million.

About Avis Budget Group, Inc.

Avis Budget Group is a leading provider of vehicle rental services, with operations in more than 70 countries. Through its Avis and Budget brands, the company is the leading general-use vehicle rental company in each of North America, Australia, New Zealand and certain other regions based on published airport statistics. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 30,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.

Source: Avis Budget Group, Inc.