Mergers and Acquisitions Review: Wright BUYS Fleet One, Avis ACQUIRES Apex
Wright Express Corporation (NYSE:WXS) will purchase the fueling firm Fleet One from two private equity companies for $369 million in cash, as it moves to broaden its footprint in the heavy truck market in North America. The buyer says that the transaction should immediately grow its adjusted income, subtracting one-time charges linked to the purchase.
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Avis Budget Group. Inc. (NYSE:CAR) reports that it will acquire Apex Car Rentals, the biggest independent car rental company in New Zealand, at a price of $29 million. Apex operates a fleet of around 4,000 rental vehicles, which is only 1 percent of the magnitude of Hertz Global Holdings’ (NYSE:HTZ) $2.3 billion purchase of Dollar Thrifty Automotive Group Inc. (NYSE:DTG) and 3 percent of the size of the latter’s fleet. However, the acquisition heightens Avis’ international presence, and should disabuse observers of any ideas that it’s still considering another play for Dollar Thrifty.
Merge Healthcare Incorporated (NASDAQ:MRGE) shares move up significantly, following word of its intention to explore strategic alternatives that include a potential sale of the company or a business combination.
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