Travel agency Aviation Links Ltd. (TASE: AVIA) has acquired 50% of car rental agency Auto Europe Israel Ltd., the local franchisee of Auto Europe, for NIS 225,000, plus an additional NIS 225,000 to the franchisee's owner, the Zucker family for a non-competition clause.
Auto Europe Israel general manager Ami Zucker will also receive a bonus, based on the company's business results and meeting of targets.
Auto Europe Israel has been operating since 1991 as a worldwide car rental reservation center, which serves thousands of Israeli tourists travelling abroad at 4000 rental stations worldwide. Auto Europe is one of the world's five largest car rental companies.
Aviation Links CEO Yoram Mutai said that the acquisition of Auto Europe Israel was another step in the company's strategy to become a one-stop-shop of tourism services to Israelis.
New Hamashbir Lazarchan Ltd. (TASE:MSZB) unit Club 365 Ltd. owns 71.2% of Aviation Links, whose share was unchanged today at NIS 7.28, giving a market cap of NIS 55 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2010
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