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Hertz acquired for £8.2 billion
Car rental firm Hertz has been acquired by three private equity groups in a deal worth £8.2 billion.
Clayton Dubilier & Rice, Carlyle and the buy-out unit of Merrill Lynch will pay £3 billion in cash to Ford, owners of Hertz since 2001, and will take-on nearly £5.5 billion of debt.
CD&R said in statement it has been looking at Hertz for three years.
The firm also told the Financial Times that Hertz was a “leading franchise, a great brand and had a seasoned and strong management team.”
Early indications suggest the new owners do not intend to make any significant changes or to cut costs by slashing jobs. They also want to continue the existing management plans to diversify away from airport rentals.
The deal is the largest leverage buyout for 16 years.
Report by Steve Jones
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