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Ford selects buyer for Hertz in $15 billion deal
The Ford Motor Company on Thursday agreed to sell Hertz, the nation’s largest rental car company, to a consortium of private investors for about $15 billion in cash and debt, executives involved in the negotiations told the New York Times.
Ford who acquired Hertz in 1994 is expected to make its formal announcement as early as Friday.
The buyer group includes Clayton, Dubilier & Rice, the Carlyle Group and Merrill Lynch Global Private Equity.
The buyout represents one of the largest leveraged buyouts since 1989 when Kohlberg Kravis Roberts & Company purchased RJR Nabisco for $25 billion.
Ford’s decision to sell Hertz earlier this year was prompted by its need to raise cash as its car sales decline. Hertz’s was a profitable operation for Ford, generating approximately 10 percent of Ford’s overall pretax profit in the second quarter of this year.
It is still unclear whether Ford would continue to be the Hertz’s exclusive vehicle supplier or whether the new owners would seek deals with other manufacturers, reported the New York Times.
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