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Hertz to buy Dollar Thrifty for $2.3B
Hertz Global Holdings has reached an agreement to purchase Dollar Thrifty Automotive for $2.3 billion, officials of the car-rental companies said.
Hertz, formerly owned by Ford Motor Co., said it would pay $87.50 per share for Dollar Thrifty, which was formerly owned by Chrysler.
The deal took more than three years of negotiations and outlasted a rival bid from Avis Budget Group, The Wall Street Journal reported.
In a statement released late Sunday, Hertz and Dollar Thrifty said the deal included an agreement for Hertz to unload its discount rental business, Advantage, at the behest of regulators.
Hertz said Advantage would be sold to Franchise Services of North America and Macquarie Capital.
That deal depends on a successful completion of the agreement with Dollar Thrifty, officials said.
Copyright 2012 by United Press International