Zipcar acquires controlling stake in Spain’s largest car sharing operator

Car sharing network operator Zipcar this morning announced the exercise of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing, better known as Avancar, after investing in the company almost exactly two years ago.

In fact, the option had been extended for an extra year after Zipcar decided last year it wouldn’t yet exercise it, opting instead to give Avancar a loan that could be converted into equity.