BTN Breaks Carey Story: Avis Budget Group today confirmed to Business Travel News that it has declined to increase its stake in chauffeured transportation provider Carey International to 80% from 45%. Avis Budget had one year to assume the majority stake following its initial October 2007 investment in Carey.
"Due to the challenging economic environment, we have chosen not to exercise our option," Avis Budget vice president of corporate communications and public affairs John Barrows said in an e-mail to BTN today.
Avis Budget officials had described the initial $60 million investment in Carey as a way to diversify its offerings to offer a complete ground transportation solution to the corporate market. "It's another product to put in our bag," Avis Budget CEO Ronald Nelson told BTN in January. "Many of our top customers spend as much on limo as they do on car rental."
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