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The Boston Globe

Business

Avis will buy Zipcar for $500 million

Zipcar Inc. helped create the modern-day hourly car rental industry, giving urban customers instant access to vehicles in their neighborhood. Now the business upstart is becoming part of the mainstream car rental world.

Avis Budget Group, the third-largest car rental company, said Wednesday that it has agreed to buy the Cambridge company for $500 million and make it a subsidiary.

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