Cendant closes Budget buy, raises rental car rank

Newswire

NEW YORK, Nov 22 (Reuters) - Cendant Corp. , the real estate and travel services conglomerate, became the largest publicly held U.S. car rental firm after announcing on Friday it had completed its purchase of bankrupt car rental firm Budget Group Inc. . Cendant, already the owner of Avis Rent A Car, paid $110 million in cash for nearly all of Budget's assets, after its bid was approved by a bankruptcy court on Nov. 8. New York-based Cendant valued the deal at $500 million to $600 ...

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