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Hertz for sale for $10 billion
Friday, 06 Sep, 2005
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Two groups of private equity firms are reportedly in the fray to acquire Ford Motor Co.’s rental car subsidiary, Hertz Corp., according to Reuters.
One consortium includes Bain Capital Partners LLC, Blackstone Group LP, Texas Pacific Group and Thomas H. Lee Partners LP. The second group includes Carlyle Group, Clayton, Dubilier & Rice Inc.
A Bloomberg report said the rental-car unit of Ford may have a $10 billion price tag.
Selling Hertz is part of Ford’s plan to raise funds as it loses market share in the US to Asian automakers, including Toyota.
Hertz is the largest rental-car company in the world with 7,400 locations in more than 150 countries.
Ford has owned Hertz since 2001.
Report by David Wilkening
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