Avis Budget Group

:

Avis Europe

Dealogic Deal #  :

750125

Data as of :

6/14/2011

Target

Acquiror

Dates & Values

Avis Europe

Avis Budget Group

Target:

100

% stake

Buying:

100

% stake

Rumored

-

Deal Value $m

1,798.5

LN

AVE

196

m shares outstanding

Public (Listed)

Announced

14th Jun 2011

Value ex Debt $m

1,031.9

United Kingdom

United States

Transportation

Transportation

Expected

4Q 2011

Consideration

Barclays | Advisor

Morgan Stanley | Advisor

Completed

-

Citi | Advisor

Withdrawn

-

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

31st Dec 2010

Balance Sheet

Debt/Equity:

5

Timeline Events

Premiums & Multiples

Initial Offer

315

(pence)

Current Offer

315

(pence)

Income Statement

Cash Flows

Operations $m

253

Profitability

Profit Margin

4%

Return on Equity

10%

League Table Impact

Sector Trend

2011 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Transportation

1

Goldman Sachs

355.7

2

JPMorgan

302.6

3

Credit Suisse

279.8

4

Morgan Stanley

245.3

5

Citi

221.9

6

BOA Merrill Lynch

204.9

7

Deutsche Bank

192.6

8

Barclays Capital

181.7

9

UBS

156.3

10

Lazard

142.7

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