Is Avis Budget Group owned by Cendant Corporation?
• Avis and Budget were owned by Cendant Corporation until 2006, when Cendant separated into four new companies, each a “pure play” within their industries. Two of these companies, Realogy and Wyndham Worldwide were spun off as independent publicly-traded companies in July of 2006. A third company, Travelport, was sold in August of 2006 to an affiliate of The Blackstone Group. Following the completion of the Travelport sale, Avis Budget Group remained as the sole business unit of Cendant Corporation. In September of 2006, Cendant Corporation changed its name to Avis Budget Group and its stock began trading under Avis Budget Group on the New York Stock Exchange (NYSE: CAR). • For more information on the ownership history of Avis and Budget, visit the Avis Budget Group Timeline.
