Avis Budget Group has said it has completed its previously announced acquisition of its licensee for the Avis and Budget brands in Norway, Sweden and Denmark.

The licensee acquired operates both the Avis and Budget brands at major locations throughout the region including Oslo, Stockholm, Copenhagen and Sweden’s Arlanda and Goteberg airports.

The purchase price of approximately $50 million was funded with available cash.

Avis Budget Group is a leading global provider of vehicle rental services, both through its Avis and Budget brands, with more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network, with more than 900,000 members.