Zipcar raises stake in Spanish firm

December 15, 2011|By Chris Reidy, Globe Staff

Zipcar Inc., the Cambridge-based car-sharing service, said it has exercised its option to buy a majority ownership interest in Catalunya Carsharing SA, known as Avancar.

Avancar operates a fleet of vehicles in the Spanish cities of Barcelona and Sant Cugat del Valles.

“The transaction is expected to be completed in early 2012, and builds on Zipcar’s initial equity investment in Avancar in December 2009,’’ the company said in a news release. “With this transaction, Zipcar increases its percentage ownership in Avancar to a controlling stake of 60 percent.’’

Financial details were not disclosed.

“We expect Barcelona to be a top tier car-sharing city in the years to come and a key part of our developing network of European cities,’’ Scott Griffith, Zipcar’s chairman and chief executive, said in a statement. “With the integration of our acquired UK operations completed, we have shifted our focus to expanding our European reach.’’

With about 650,000 members, Zipcar has a fleet of 9,000 vehicles in urban areas and college campuses throughout the United States, Canada, and the United Kingdom.