The transaction between the two privately owned companies is expected to close in the third or fourth quarter of 2007, contingent upon clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other closing conditions. Enterprise said the purchase will join two rental car companies with complementary businesses. St. Louis-based Enterprise's strength lies in the in-town and insurance replacement segments of the industry, although it has increased its on-airport locations in recent years and begun actively marketing through the travel agency distribution channel. Vanguard, based in Tulsa, serves the airport segment of the market though its Alamo and National brands.

Enterprise said capitalizing on the companies assets in these different segments will allow for more efficient fleet utilization and enhance the combined companies' ability to offer low prices and quality service to all customers.
"As the dynamics of our industry continue to evolve, it's clear to us that the future belongs to the service providers who offer the broadest array of services for anyone who needs or wants to rent a car," said Andrew Taylor, chairman and CEO of Enterprise. "Joining forces with National and Alamo will enable us to do just that, from replacement and leisure rentals to small-business and corporate customers. This combination will strengthen our ability to deliver outstanding service and value to our customers."

William Lobeck, president and CEO of Vanguard, said the two organizations have complementary strengths and common values. "By combining our companies, we will continue to be able to offer an expanded network to better serve the needs of car rental customers, and will continue to be able to deliver the award-winning service they have come to expect." For more information, visit www.vanguardcar.com or www.enterprise.com.