Parsippany, New Jersey-based Avis Budget Group Inc. has acquired Payless Car Rental for about $50 million in cash, reports Bloomberg News.
Payless Car Rental has about 120 locations in North America, Europe and South America and generates $80 million in annual revenue.
Avis Budget plans to operate Payless as a separate brand.
In March, Avis Budget acquired car-sharing company Zipcar Inc. for about $500 million.
Source: Bloomberg News
